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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
What is a Secured Loan?
A secured loan is any loan that is secured on your home or
property. It is any loan which requires you to provide the
lender with some form of security other than just a promise to
pay. The security will be your property or home. The property
may be mortgaged or owned outright.
If you agree to a secured loan on your home, you should remember
that, although the property remains in your possession, it can
be repossessed by the lender if the loan and the interest are
not paid according to the agreed terms. The lender will then
sell the property in order to recover the money you borrowed
plus any additional costs incurred in recovering the money.
Secured Loan Benefits
In many instances secured loans can be repaid over a longer
period with a lower monthly repayment. The interest rate will be
lower on a secured loan than on a comparable unsecured loan. A
secured loan may also offer more flexible repayment periods.
1. If you’re a homeowner, you may get a lower rate through a
secured loan using your property as security. By taking out a
secured loan, you are agreeing to allow the forced sale
(foreclosure or repossession) of the asset in order to pay back
the loan. The risk to the lender is reduced so the interest rate
offered is lower. This is why secured loans tend to be cheaper
than unsecured loans and other forms of borrowing. The lender
has the added benefit of security, which provides protection in
the event of your inability to repay.
2. Secured loans are more easily accessible to those with a poor
credit record. This means that persons who are self-employed, or
who have recently changed jobs, or who have adverse credit
(ccjs, arrears, defaults, etc.) can take out a secured loan.
3. You can borrow larger amounts and repay over a longer period.
The amount available usually ranges from £3,000 to £50,000,
although some lenders will consider lending more. Compare this
to unsecured loans where you're only allowed to borrow up to
£25,000. If you wish to borrow a larger amount or if you require
a longer period in which to repay the loan, secured loans may be
the most suitable for you.
4. You can consolidate more expensive borrowings into a single
much cheaper monthly payment. You may choose to take out a
secured loan in order to consolidate debts and replace
high-interest loans with a low-rate loan. The loans being
consolidated may include higher purchase loans, unsecured loans
and credit cards.
Useful Points to Remember
Before you take out a secured loan, make sure that you can
afford the monthly repayments. Also, read the loan agreement
carefully and pay particular attention to the rate of interest
required, the term of the loan, the repayments required and the
total amount payable. If you fail to repay the loan, the lender
may repossess your property or home and sell it to repay the
loan. If you borrow money using a mortgage as security you are
agreeing that the lender can claim the mortgaged property if you
fail to keep to the agreement. Your home is at risk if you do
not keep up repayments on a mortgage or other loan secured on
it. You can read some more articles about Sec
ured Loans at: htt
p://www.commercial-mortgage-guide.org.uk/loanguide/
About the author:
© Copyright 2005, Bwalya Mwaba writes for the The Commercial
Mortgage Guide. Visit our website for mortgage related news,
articles, tools and more: http://www.co
mmercial-mortgage-guide.org.uk/