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Mortgage Loans Debt
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Secured Loans - 2007/05/08 20:30
The amount that you will be able to borrow on a homeowner loan will vary, but typically it will be limited to the value of the equity in your home. The equity is basically the part of your home that you own, so it will be the market value of the house less any outstanding mortgage and any other debts secured on it. This is the upper limit, and the amount you can borrow may be lower than this as the lender will also take into account your earnings to determine what level of repayments you can afford.
The money borrowed is able to be spent however you wish, from paying off existing debts that are pressing (such as overdrafts, credit and store cards), to home improvements, a new car, wedding, dream holiday or simply to have some extra money for a rainy day.
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Loans
