21 Mar 2023

Buying the Second & Subsequent Properties Becomes Easier

Interest-Only Mortgages and Banks

As a current homeowner, you may be wondering if buying the second and subsequent properties becomes easier. Because you are an existing homeowner, you have the potential of using the equity you have accrued through owning your home as a deposit on a second property, resulting in buying the second and subsequent properties becoming easier. 

If you are interested in accessing your equity to assist in the funding of the purchase of a second property, you can reach out to the Mortgage House home loan lenders for assistance in refinancing your existing home loan

When you start repaying your home loan through the required monthly mortgage repayments, you begin building equity immediately. Equity can be described as the difference between your property’s current value and the amount still owed on your home loan. Let’s say your property’s current value equals out to $900,000 and you still owe $750,000 on your home loan, your equity comes out to $150,000. The more you repay on your home loan results in more equity you have potential access to.

Refinancing with Mortgage House is an easy three-step process. We will first perform a health check on your home loan to determine the existing amount of equity in your property. Then, we will get you set up for pre-approval of your next home loan and assist you in finding the loan product that best works for you. Finally, we will help you with the right choices for your future home loan, which would be a home loan product with competitive interest rates and beneficial features.

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