The amount of money you can borrow against your home through a secured homeowner loan depends on your lender. You can usually borrow against the value of your home’s equity.
A secured homeowner loan allows you to borrow a sum of money against your property, usually equity. Equity is the difference between the value of your home and the borrowing you have against it.
These loans are for homeowners or mortgage payers who may want to borrow a larger sum of money than they normally could with a personal loan. Another option could be to re-mortgage your house to provide funds.
For a secured homeowner loan, it’s important that payments are affordable and you find a suitable repayment period.
Homeowner loans are often for large projects, so consider whether this would be a suitable option for the finances you need.
A poor credit rating won’t necessarily prevent you from being approved for a secured loan, but it is best to check a lender’s criteria.