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Secured Loans - How to Get Quickly Accepted For a Secured Loan and Get a Better Rate

Secured Loans - How to Get Quickly Accepted For a Secured Loan and Get a Better Rate



To Get Cash In As Fast As 1 Hour visit: http://bit.ly/getcashinasfastas1hour

To Get Cash In As Fast As 1 Hour visit: http://bit.ly/getcashinasfastas1hour



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    Secured Loans - How to Get Quickly Accepted For a Secured Loan and Get a Better Rate Secured Loans - How to Get Quickly Accepted For a Secured Loan and Get a Better Rate Document Transcript

    • ==== ====Get Cash In As Fast As 1 Hour:http://bit.ly/getcashinasfastas1hour==== ====When a lender receives a secured loan application form he only has two areas on which to basehis decision - you and the property. If he can put a tick in both of these boxes then you will getyour loan at a good rate.However, it is possible to still get your loan if either you or the property are not A1.This is one of the good things about secured loans, they allow you to obtain a loan when othersources of finance may not be available.Secured loans - YouUnfortunately, most things in this day and age are broken down and put into boxes and thatincludes you when you apply for a secured loan.Your boxes will be:oYour employment/ self employmentoHow many outstanding loans you haveoYour usable (free) monthly incomeoYour credit ratingoHow you have treated your current (and previous if less than 12/ 24 mths) mortgage companySecured loans - how to improve "you" in the eyes of the secured loan lenderMost applications for secured loans are made through a broker as most lenders do not like togather all the information needed to process a secured loan. There is also a lot of overhead in thisprocess which they prefer the broker to pay for.Secured loans - rule 1Make sure you find yourself a good secured loan broker. The secured loan lenders are not goingto like me saying this but all brokers are not equal in the eyes of the lender. The better ones earnmore money per application and get more secured loans paid out, as a percentage, than others.These both directly effect you as the more the lender pays the broker the less of a fee he will needto charge you and the other reason is that you are more likely to get you loan paid out (and atpossibly a lower rate) by using a well established secured loan broker.Secured loans - rule 2
    • Work with you broker - not against him. I know it is a pain to keep having to produce paperworkbut the more you have, the less pain you will receive when your full loan application reaches thesecured loan lender.Secured loans - rule 3Go through your available income with your broker and get him to explain how the lender, he isputting you with, is working out your available income calculation. You might find you get a betterrate if you do a bit of debt consolidation.If you are self employed but have regular contractual work that you can prove goes back a fewyears, then you may be able to argue for a better rate. Self employed applicants for secured loansare usually penalised with the rate as they are considered a high risk.Secured loans - rule 4Your credit rating is nowhere near as important for secured loans as it is for personal loans(unsecured). However, it is still important if you want a good rate. Lenders of Secured loans (likemost lenders) dont like to see arrears on a credit report. A credit report will show the lender howyou have paid your credit cards and loans over the last 12 months. It will also show any defaults orcounty court judgements.Most secured loan lenders will ignore one months arrears on most loans as this can be arguedthat it is just a late payment. When you start to get to two months or more then you need a good(preferably provable) explanation or your rate will start to go north.One thing secured loan lenders hate is current arrears when you apply to them for a secured loan.So, if you can, make sure your current commitments are up to date when you apply and this willkeep your rate down.Secured loans - rule 5How you have paid your mortgage is sometimes more important than your credit report as thesecured loans lenders see themselves as an extension of your mortgage and the best way theycan see if you are going to pay them is to see how you have paid your current mortgage.So, if you can, make sure your mortgage is up to date when you apply and if you have had anyarrears then you will need a good explanation to keep your rate down.To speed up you application you could get proof of your last 12 months payments from youmortgage lender and proof of the outstanding balance.Secured loans - your propertyYour property is the security that the secured loan lender has. If all goes wrong and you stoppaying and communicating with the secured loan lender then eventually he will reposes yourproperty (although he will not want to as it is creates another set of problems for them).
    • So, putting the above cautionary note aside, you are putting up your property as security for theloan. You are only doing this because it benefits you and you probably fall into one of the followingcategories:oA lower rate than other unsecured loans offeroA larger loan than is available through other financial sourcesoYou want a loan but your employment is questionable or you are self employedoYou have missed a few payments on some credit and the loan rates you are being offered fromother sources are unpalatableoYour credit is poor and you need to put up security to get a loanIt only makes sense that if you are putting your property up as security for your secured loan thenyou may as well maximize its value and get a lower rate.The secured loan LTV (loan to value) is one of the major calculations that will effect the rate youare offered. It is simple to work out: you take your current outstanding mortgage, add to that thesecured loan you are applying for and divide it by the current value of your property. The lower thepercentage the better rate you should get.So, if you want a lower rate then maximizing the properties value is one of the best ways to goabout it. It might take a little bit of time but you could be paying for the secured loan for anythingfrom 5 years to 25 years so the extra bit of effort could save you a lot of money in the long term.Secured loans - property rule 1You will almost certainly have a valuer come round to have a look at your property towards theend of your secured loan application.Valuing property is not a science but an opinion and in this case the the persons whose opinioncounts is the valuers that you have coming round. You dont know if he has spent most of the daysitting in a traffic jam, had an argument with his children or forgotten his anniversary and what ismore you cant do a thing about it.What you can do is be friendly and offer him a cup of coffee and make sure you have allocatedtime for him. Go round the property and point out any improvements you have made and are goingto make.Valuers like to be told that the property is going to be improved as it lessens their risk of gettingsued by the secured loan lender in case they value the property wrongly.Secured loans - property rule 2Before the valuer gets to your property make sure it is looking its best. A small bit of effort will addthousands to your valuation if the property looks well kept rather than run down.First impressions count so make sure the front and entrance hall is spotless, try and put any junkaway to make the rooms look bigger and also try to finish those jobs that were half started and
    • never quite completed.Secured loans - property rule 3As previously stated, the property value is an opinion so you need to make sure that the valuersopinion is the correct one. All valuers will contact local estate agents to see what is selling in themarket near your property.It would be to your benefit if you contacted the estate agents and got comparable properties thatare on the market and recent sales. You can then decide which of your collection you wish to givethe valuer (or you can send them on to your broker but this is not quite as good as giving them tothe valuer).Human nature being what it is, your comparables will probably end up in the valuers file and hewill take these into account when valuing your property.For advice on the best way to apply for all types of loans including secured loans, home loans,personal loans, payday loans, pawn broker loans, credit cards and mortgages please visithttp://www.loan.co.ukhttp://Loan.co.uk can also arrange any type of loan at the best rates available.Article Source:http://EzineArticles.com/?expert=Marc_Bertola==== ====Get Cash In As Fast As 1 Hour:http://bit.ly/getcashinasfastas1hour==== ====