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- Homeowner - |
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To qualify for a home owner loan, the borrower must be a homeowner, which means the legal owner or co-owner of their home, regardless of whether the home is fully paid for is being paid for with a mortgage. A private or housing association tenant, a lodger, someone living at a friend's or relative's house or a boarder is not a homeowner. Being a homeowner allows the borrower to use their home as security on a loan, and a well-managed mortgage can be a big plus for anyone seeking even an unsecured loan. Homeowners are therefore entitled to larger loans with longer loan terms.
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Use our layman jargon buster to decipher other key industry terminology.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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| Think carefully before securing other debts against your home. Your home may be reposessed if you do not keep up repayments on your mortgage or any other debt secured on it. Loans secured on your home. |
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© 2007 LoanLine - Homeowner |
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