Each one of us wishes to possess a home of our own. With some pounds in your savings accounts, it wont be possible to purchase a house that requires a big investment. If you dream to own a home, home loans are the best way to finance your dream.
Home loans are offered against the equity in ones home. Equity can be defined as the value of the home after deducting outstanding mortgage amounts and other loans. Lenders take various factors into consideration while calculating the home equity such as location of the home, the structure etc. The loan will be secured on the borrowers home and the transaction will not impact existing mortgage in any way.
A home loan is basically taken to purchase or to construct a new house. Borrowers can also use it to make home improvements, consolidating their existing debts, to buy a luxurious car or for any other personal purpose.
The loan proceeds of a home loan can supplement both mortgage and secured loans. Homeowners can put their existing house or real estate as a collateral to get finance to purchase a new house. However, if you are a tenant you can put the new house as a collateral to get a home loan.
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