Need more funding? How can you get large sums easily?
The market has lots of options for your every need. The equity in your home can be a great source for you to fund your dreams.
What is a second mortgage?
A second mortgage is a loan you take on equity available in an already mortgaged property. If there are any profits to be reaped after selling the property, you will be third in line to receive the benefits if you are opting for a second mortgage. It is advisable to thoroughly think and plan with your mortgage broker or consultant before choosing a second mortgage.
To qualify, you will need the following:
• You must have a good credit score.
• Equity is important.
• Property to keep as collateral.
To qualify for any loan, the first thing you need is a good credit score. Second mortgages are no different. A good credit score can get you good rates for your second mortgage and also make you seem like a low risk.
You obviously need equity in your property to make use of it. The higher the equity, the better rates you are guaranteed by your mortgage lender. This makes it possible for you to easily qualify for the mortgage
Any other form of collateral is considered to be risky. A mortgage lender would require you to have a property you can keep as collateral, so he has higher chance of securing his payment.
Watch our Second Mortgage Video
Why should you choose Direct Mortgage Services?
Vikrant Arya can help you find the perfect way to use your home’s equity to fund your dreams. He can also help you find good lenders who can help you get the plan which suits your needs with ease