Home Owner Secured Loan

Home Owner Secured Loan : -
Anyone can normaly figure out what this term means but i still found some information on them.

Secured Loans : -
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral — in the event that the borrower defaults, the creditor takes possession of the asset used as collateral and may sell it to satisfy the debt by regaining the amount originally lent to the borrower, for example, foreclosure of a home. From the creditor's perspective this is a category of debt in which a lender has been granted a portion of the bundle of rights to specified property. The opposite of secured debt/loan is unsecured debt, which is not connected to any specific piece of property and instead the creditor may satisfy the debt against the borrower rather than just the borrower's collateral. - wikipedia.com

Secured Loans are essentially a homeowner loan that is secured against some or one of the borrower’s possessions such as their home, car or items of value as collateral for the borrowed. In the case of the borrower failing to repay the loan amount, the creditors or lenders can then legally sell the selected collateral to satisfy the debt amount. A secured loan is one of the most used and applied for homeowner loans for borrowers, as the purpose for the secured loan does not need to be disclosed and you can use the finance for any application and usually you can have a rapid decision on a secured loan as the risks are much lower for the lender than an unsecured loan or a remortgage would be.