|
|
Consolidating Debt with Secured Loans
Savvy borrowers know that there can be advantages in opting for a secured loan to consolidate existing debt into a single monthly repayment. This really depends on how the interest is calculated which can vary from lender to lender.
Due to rising home prices over the last decade, many individuals now have significant equity tied up in their property. It is highly probable that this is the case even where the home owner has only ever had an interest only mortgage. By releasing some of this equity, homeowners can use the money to fund large purchases or pay off debt and take advantage of low interest rates to pay less over the term of the loan.
A number of factors are considered by the lender when calculating the rate at which they will lend to an individual. This is true for both secured and unsecured credit. The interest rate awarded to the applicant makes up the bulk of the money earned by the lender and is calculated based on how risky a prospect the borrower is deemed to be. This is achieved by inspecting the individual's credit rating.
Generally speaking the more credit agreements the borrower has historically defaulted on, the better their credit rating and hence the better the rate that they will be awarded on their secured or unsecured loan. Lenders prefer that larger loans are secured on a property in order to limit their risk. Typically these secured loans are repaid over 10-25 years at a significantly better rate of interest than is the situation with unsecured forms of debt. If you currently have a lot of high interest unsecured debt and equity tied up in your home, it may be advantageous for you to speak to a financial advisor about a secured loan.
The information presented below shows a selection of lenders and the rates they were charging when this article was written:
Educational Websites
Standards Site, BBC History, PBS Online, Open Directory Project, Virtual Library,
Education Forum, History GCSE, Design & Technology, Learn History, Music Teacher Resource,
Freepedia, Teach It, Science Active, Geography IST, Brighton Photographers, Sussex Photo History,
Compton History, Universal Teacher, English Teaching, English Online, History Learning Site,
History on the Net, Black History, Greenfield History, School History, HistoryWorld, I Love History,
E-HELP, Ed Podesta Blog, Macgregorish History, Historiasiglo20, Sintermeerten, ICT4LT |
News and Search
Guardian Unlimited, Times Online, Daily Telegraph, The Independent, New York Times,
Washington Post, BBC, CNN, Yahoo News, New Scientist, Google News, Channel 4, ZDNet,
Google, Excite, Yahoo, MSN, Lycos, AOL Search, Hotbot, Metacrawler, Netscape, Ask, Search,
Go, Looksmart, Dogpile, Raging Search, All the Web, Kartoo, Search Engine Watch, About
|
|
|
|
