Secured Loan Got Us A Home Of Our Own
Below is a MRR and PLR article in category Finance -> subcategory Wealth Building.
Secured Loan Helped Us Achieve Homeownership
Summary
When my wife and I found out she was expecting, we realized our current living space was too small for our growing family. We needed a starter home with room for our child. However, both of us had poor credit due to student loans and a few missed payments, which made getting a mortgage challenging. A friend suggested we consider a secured loan.
Our Journey to a Home of Our Own
When we discovered that my wife was pregnant, we realized our current living situation couldn't accommodate a family. We needed a cozy starter home, offering enough room for our soon-to-arrive baby.
Pursuing a Secured Loan
Getting a mortgage seemed unlikely because of our credit issues. A friend advised us to explore a secured loan as a way to step onto the property ladder.
The Role of Collateral
Secured loans require collateral of equal or greater value than the loan amount. We needed GBP 45,000, but didn’t own anything of significant value. Thankfully, my wife’s parents allowed us to use their home as collateral.
The bank sent valuers to assess the property's market value. Fortunately, it was appraised at over GBP 300,000, exceeding the equity required for the loan. Plus, there were no existing mortgages or loans against it. With the house approved as collateral, we moved to the credit check phase.
Navigating Credit Challenges
Given our financial history, we were concerned about approval. Fortunately, the loan officer was supportive and helped us resolve our credit issues. We contacted our debtors, made arrangements, and cleared some obligations. After persistent efforts, we were able to finalize our application.
From Approval to Homeownership
After signing the necessary documents, the loan was approved and funds transferred to our account. We settled our debts as promised and used the remainder to buy a two-bedroom mobile home. It wasn’t our initial dream, but owning our first home felt incredible.
Our home provided a personal space to raise our daughter and decorate as we liked. The sense of freedom and achievement was priceless. Opting for a secured loan turned out to be a wise decision, bringing us the joy of a home we could call our own.
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