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Secured loans for homeowners can be called home equity loans. This is a line of credit taken out against the value of an individual's home with the home being used as collateral. There are differing types of secured loans and interest rates for homeowners that may be beneficial for different home owner needs.

With a line of equity credit against a home, a large amount of money is freed up at the beginning of the loan. There are usually tax advantages and low interest rates as well. However, over time as a person's life changes, if employment situation changes or a move is planned, this could cause a problem for the line of credit holder. Monthly payments must be made on these types of lines of credit or the home in question may be forfeited to the lender. How much that can be borrowed against a person's home depends on income and monthly payout in terms of bills and necessity. Usually a lender may allow for up to 80% of a home's worth for a line of credit. This type of secured credit for a home owner may be utilized through issued checks specifically for that line of credit. There are, at times, specific rules as to withdrawal requirements such as limitations on amount of withdrawals. There are also equity lines that have fixed rates for certain amounts of time. When the time is up, a renewal or renegotiation of rate may be possible. Some secured home equity loans have one large payment at the end of their term. It is beneficial to ask the lender if this is the case with any loan taken out.

If using the home as a means of security for obtaining funding is no problem then securing a second mortgage on one's home may be a good way to get a the secured loan that is desired. Second mortgages are usually awarded in one sum when the loan is approved. Second mortgages are a type of secured loan that has a fixed interest rate and provides a planned fixed monthly rate of payment that is usually paid out in equal amounts for the entire length of the loan.


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