Homeowner loans or secured loans if you prefer have been around for about the last thirty years, and have always been a popular way for a homeowner to borrow whenever he has a need for additional funds
Secured homeowner loans have to a great extent the same over all these years but like everything else some things about homeowner loans have altered.
One thing and the most important thing that has remained constant is tht they require collateral and the security needed in the case of homeowner loans is the bricks and mortar of the property
This means that the property must be worth more than the mortgage balance, and it now becomes apparent why these are called both homeowner loans or secured loans.
Since the credit crunch homeowner loans are available at 80% LTV for employed applicants and a maximum 70% for those who are self employed.
It was different before the recession when secured loans were on the market at 100% and up to as much as 125% LTV where by homeowners could obtain loans even when there was no equity on the property making it a fact that these loans were at that point unsecured rather than secured.
One big change therefore since secured loans were introduced until now is the equity margins acceptable.
Another major difference between the past and now as regards secured loans is the number of secured lenders .
Almost thirty years ago there were only two secured lenders which by the end of 2006 had extended to the teens of lenders, but the recesion put paid to this and the majority went out of business as secured loans fell by over 80%.
Another main difference is the income proof required by self employed applicants which used to have self declarations available but now the self employed are required to produce full accounts.
Looking to find the best deal on secured loans, then visit www.championfinance.com to find the best deal on homeowner loans for you.