A homeowner loan is a type of secured loan that uses your home as collateral. It offers you access to larger amounts and longer loan terms, as well as potentially lower loan rates than unsecured loans.
This type of loan could be an option if you have a bad credit history. When you apply, the lender will check whether you have enough equity in your home to borrow against.
It’s important to be aware of the risk of taking out a loan secured on your home. If you can’t meet the repayments on your homeowner loan, the provider can repossess your home.