Home » Finance

Low Cost Homeowner Loans Can Save Borrowers Interest

Apr 21, 2008
The Bank of England has been in a period of base interest rate easing for several months now. This means they have cut the costs of funds used by lenders to offer loans to consumers. Lenders have commonly passed on these rate cuts to consumers, which has given many greater access to low cost loan products. In fact, many secured loans are at historical low rates, around 4 to 5 per cent for borrower with excellent credit. Even borrowers with average credit can get rates around 10 to 11 per cent. Low cost homeowner loans are perhaps the best low cost loan option on the market today.

Low cost homeowner loans are available at low rates because of the combination of rate cuts and the general willingness of lenders to offer better rates for secured loans. Homeowners looking for the cheapest funds to buy a new home or borrow against an existing home can certainly benefit from the current lending environment. Many first mortgage loans are available for less than 6 per cent. Borrowers with good equity and good value in an existing home can find cheap funds for debt consolidation, home improvement, vacations, repairs, investments, and more.

Considering the huge expense involved in owning a home and in borrowing against it, finding low rate homeowner loans can have a great impact on homeowners' long-term financial situation. The goods news is that loan brokers can often help any given homeowner find the best available lender, loan, and interest rate on the market. Brokers typically maintain relationships with many lenders who offer many loan products. By collecting some basic information from consumers, they can search through their large portfolio of offerings, and find the best rate and terms to fit borrower needs.

There are many benefits to obtaining inexpensive home loans. First, low rates produce less monthly interest payments and can reduce monthly outlay requirements. Additionally, lower interest rates greatly reduce total debt repayment over time, saving the borrower considerable money. Funds saved from lower interest on homes can be used for various other purposes as needed by the borrower. There is risk of property loss from non-repayment with homeowner loans, but borrowers can protect themselves by not overpaying and by getting the most manageable rates and terms. This is why brokers are useful as they look to protect consumer interests by finding the right product match.

Low cost homeowner loans are easier to track down now than ever for consumers. Many new home buyers are benefiting with the low cost benefits to buy a home. Existing homeowners are also benefiting because of their ability to take out second charges for use in paying off debt or funding other purchases. It definitely makes sense then, for borrowers to do all they can to find the best available home loan product at the best rate. The ability to do so can have a profound impact on long-term finances, quality of life, stress, and generally happiness. These are all important reasons to find good rates.
About the Author
Louis Rix is Director of Netloans Ltd, a leading Secured Loan Broker for UK Homeowners offering a secured loan service and homeowner loans for any purpose, ensuring that their customers get the best loan deal.
Rating:
Please Rate:
(Average: Not rated)
Views: 108
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources