Personal Loans

Personal Loans

Whether you are looking for a new home or need to do some considerable remodeling, you are probably going to need a loan. In order to choose the best one that best fits your financial and home-ownership needs, you will need to figure out which one is best for you. To help you navigate the process, here are seven common types of loans and what they cover. Learn more today!

Conventional Personal Loans

Conventional loans are mortgage loans from mortgage lending institutions not backed by an agency of the government such as the U.S. Department of Veterans Affairs or the Federal Housing Administration. Conventional loans can be either conforming or non-conforming.

Personal Loans

The interest rate and loan amount can vary depending on the value of the property you leverage. Generally, higher value property can get you a larger loan and possibly a better interest rate, although other factors will also be taken into consideration.

Unsecured Personal Loans

Unsecured loans are not backed by collateral, so the interest rate and size of the loan is determined by your credit history and income. Unsecured loans are also known as personal or signature loans.

Open-Ended Personal Loans

Open-ended loans are loans with a fixed-limit line of credit that can be borrowed from again after they have been repaid. Credit cards are one type of open-ended loan.

Tips On Considering Personal Loans

– Make sure you get the best deal
– Choose right lender
– Read the fine print
– Watch out for hidden fees
– Check your credit score
– Do not take out more than you can afford

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