Second Mortgages Made Simple
How Much Can I Borrow Using A Private Second Mortgage
For borrowers with real estate in major centers, a private second mortgage enables them to borrow “up to” 75% loan to value. In smaller centers this loan to value is reduced.
How Does A Private Second Mortgage Work?
This type of home equity loan is a charge or lien registered behind a senior charge or LOC. Second mortgage loans come with higher risks to the lenders than first mortgage charges. This is due to the priority of registration and any subsequent payout of the mortgage sequence. Secondary charges can come from an institution like a bank or B-lender, but also from a home equity loan through a private mortgage lender.
Can I Get A Second Mortgage With Bad Credit?
Getting a second mortgage is an excellent alternative to remortgaging or taking out an unsecured loan. But does it apply to those with bad credit too? Although many mortgage lenders stay away from offering second mortgage loans, if you’re a homeowner with equity in your property, then our private lenders might still find you eligible for this type of loan.
How Do I Qualify For A Private Second Mortgage?
The approval process for these types of mortgages is simple. With an application and some background information about what you need the funds for, along with a current appraisal of your home’s value, you can be approved usually within 24h.
What Credit Score Do I Need To Be Approved?
Our home equity loans and home equity lines of credit don’t use credit or income to qualify you. The equity you have saved up in your property is the security lenders are most interested in.
How Fast Can I Get Funds Using A Private Second Mortgage?
Loans can be approved fast, and depending on your needs, the funding payment may happen quickly as well. Please note that if you require money fast, a premium fee will be added for the service. Like with anything, if you leave things to the last min expect to pay a little more to get a higher level of service.