Can I Get a Second Mortgage?
Yes, homeowners can obtain second mortgages for the same house and property. This means you are borrowing additional money, and if the first mortgage is not paid off in time can result in an owner being forced to sell their home. To obtain a second mortgage a homeowner will need to meet specific qualifications set by individual lenders.
A second mortgage is an additional charge over the original mortgage and falls second in the line of importance. The first mortgage will need to be paid off before a homeowner can begin paying on their second mortgage. If you have questions or concerns about obtaining a second mortgage, the Mortgage House professionals are prepared to assist buyers through any hurdles they may reach in their home buying journey.
Mortgage House experts and professionals have developed a Mortgage Repayment Calculator to assist homeowners with successfully identifying the amount of money that will be owed for mortgage repayment. Keep in mind that second mortgages can occasionally result in high fees being owed by the homeowner. In the end, if a homeowner desires to get a second mortgage on their home, the final decision will be left up to their lender.
Second Mortgage Conclusion
Yes, a homeowner can get a second mortgage on their home but the final decision will be left up to the homeowner’s lender or bank. If you have questions or concerns about obtaining a second mortgage on your home, contact us today to see if we can assist.