When a loan is called a homeowner loan what this means that only those who actually own the home in which they live can apply.

Homeowner loans are sometimes also called secured loans, and the reason for these two names is that only homeowners can apply and also that these homeowner loans are secured.

When we are talking about secured what these home loans are secured on is the equity in a property.

An explanation of the meaning of the word, equity, is that the gap between the property value and the mortgage is the available equity.

If a property had a value of 260,000 and a mortgage balance of 160,000 the equity would become 100,000 which does not mean that there is a secured homeowner loan available of 100,000.

Although the recession is officially over the underwriting of secured loan lenders is still solidly in the time of the recent recession and the maximum loan to value for an employed homeowner loan applicant is still 80% and for self employed people it is 70% absolutely maximum.

There is a new secured loan lender entering the market at any time now although everything is very secretive at present who is to arrange secured loans at 90% LTV which will help secured loan brokers survive a little longer.

The last two years have been difficult ones for secured loan brokers whose business is more than 80% down on pre recession figures, and homeowner loan lenders have mainly closed their doors entirely.

It is now a very far cry from three years ago when the secured loan industry thrived and large volumes of these loans were paid out every year from the many now mainly defunct secured loan lenders.

Self certifications were then available for the self employed and now full accounts are required

The secured homeowner loan sector is a poor shadow of the homeowner loan of 2006 when the sector was vibrant unlike now,and it has been sad to see the fall of so many secured loan lenders and brokers.

Now that the recession is over it can only be hoped that the homeowner loan sector will resurrect slowly but surely.

Looking to find the best deal on homeowner loans then visit www.championfinance.com to find the best homeowner loans for you.