Securing loans

Trying to refinance our home is not coming along that that well for us.  We want to obtain a secured homeowner loan from our local bank, which is fairly easy, and that was according to the representative.  However, because of our current mortgage which is an adjustable-rate mortgage (ARM) loan with a fixed rate for two years.  It’s not exactly two years yet, but we need to refinance as soon as possible to bring our monthly payments down.  In order to refinance with a lower interest rate, we need to pay a penalty to get away from the ARM.  So far the bank is still working on it.

If we are in the UK, The Thrifty Scot has over 200 secured loans for us to choose.  All banks are the same across the globe.  They will check for credit score/history, employment, and financial standings. 

Thrifty Scot’s personal loans are also available if we need it for purchasing a car, for example.  They have 500 different plans for us to pick.  But there is a kicker to these types of loans.  Personal loans are usually unsecured loans, that means, if we have bad credit, we probably will not get approved.  I’m lucky when I applied for a personal loan through my credit union, I was approved right away, however, the credit union had to use my Monte Carlo as a collateral.