Applying For A Second Mortgage – What To Know
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Want To Know If You Qualify For A Second Mortgage? Wondering if you qualify? It all depends on the equity in your home and your credit. This is where a professional mortgage expert comes to help!
I will:
help appraise your financial status
access to over 90+ lenders including big banks, credit unions, and financial institutions
I am partnered with different private lenders that will help you obtain a second mortgage at a significant lower rate
How About A Second Mortgage?
You already got a mortgage on your home.
But what happens in the case of any eventuality?
Often than not, you have heard people talk about a second mortgage. Perhaps you are aware there is an existing mortgage on your neighbor’s home, yet they get to apply for a second mortgage. You might be wondering – How is that even possible? Chances are you are not alone. A little less than many homeowners today are unaware of the fact that they can get a second mortgage on their home.
Second Mortgage – What Is It?
A second mortgage simply put, is an additional mortgage taken against an already existing mortgage on your home. Here, while the first mortgage is still in effect, a second mortgage is given to the homeowner that runs concurrently with the first.
How Does It Work?
Repayment follows installments over a period of time. However, the interest rate on a second mortgage is quite higher. Furthermore, you get an additional loan from a second mortgage lender based on the equity in your home. Practically, a second mortgage allows you 95% of the equity in your property.
Why Is The Interest Rate On A Second Mortgage Higher?
A second mortgage lender is at risk of losing money, hence the higher interest rate. Basically, he ranks behind the first mortgager. That is to say, in the case of any default, if your property gets sold he is considered second while the first lender is fully paid.
Why Do People Take On A Second Mortgage?
Have you tried accessing some of the equity in your home and your lender refuses? Perhaps a second mortgage is a way to go. You can use a second mortgage for anything from funding a child’s college education to making improvements on the home, purchasing a car, and more!
3 Options For Your Favorable Rate
Fixed Prime Interest Rate
Variable Interest Rate
Hybrid Adjustable-Rate Mortgage
Guides and tips from my extensive field knowledge could potentially access you to different varieties of products and services. As well as represent you on numerous, financial institutions, banks, and prime lenders. Feel free to mix and match that best works on your plan.
Easy Application and Instant Approval
Being ready for complete documents and information could make the process easier and faster when compiled. Your mortgage could be done immediately within an hour and produce results that could instantly qualify you for approval.
Here are some mortgage documents needed to give you an idea:
Income Confirmation.
Government-issued ID’s
Downpayment confirmation
Information related to what you own
Information related to what you owe
Business Documents (if self-employed)
Get Your FREE Quotation Today!
Getting a step ahead of anything in life makes a significant impact especially on your mortgage application. In the end, taking the time to make the efforts and getting ready with your finances and documents for a pre-approval could drastically save you thousands from high-interest rates.
Using my mortgage calculator, you’ll receive a quotation via email indicating all the values you might need to know in proportion to your assets and liabilities for FREE.
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Whatever your financial needs may be, I have them stored for you. With the help of Dominion Lending Centre’s tools and resources, I can offer you:
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Together, we will explore all options with ONE Application and ONE Credit Check.
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Get the best deals available with the lowest rate, lowest payment, and save thousands from interest.