Second Mortgage – What You Need To Know
Getting a second mortgage provides you with lump sum money at once, which you need to repay at regular intervals, over a certain period of time. This payback term is decided as agreed upon by each of the parties involved viz. you and the lender. The rate of interest for the entire life of loan is also set at a fixed value. On the contrary, if you default on the loan, the lender possesses all the rights to foreclose your property and recover the finances offered.
Here’s some more information about second mortgages:
There are so many lenders that are very keen to offering these types of home loans. However, majority of these creditors look for the following information before considering the application for a second mortgage:
- Debt to Income Ratio
- Credit Score
- Employment History
- Equity in the First Mortgage
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