Is there a mortgage for the house?

In recent years, house prices have dropped. The people who bought real estate in the beginning basically made a lot of money. The price of real estate for many clients has reached several million, and mortgages are perhaps only hundreds of thousands. Since the original mortgage has a low interest rate and is unwilling to settle it, is it then possible to apply for a secondary mortgage for the home without offsetting it? The answer is of course.

Secondary mortgages have always existed, only the number of lenders who do so before or who have to join a guarantee company to apply. Secondary mortgages have been relatively common since 2018, but certain requirements still apply to clients.

First, you need to confirm the loan request amount. If you only need hundreds of thousands of dollars, in fact, loans from many banks can solve the problem without having to consider mortgages.

Secondary mortgages can be roughly divided into two channels: 1, credit institutions, 2, bank processing;

Let's talk about the treatment of secondary mortgages by credit institutions

The characteristics of the institution's secondary mortgage treatment are clients with low requirements, high interest rates, suitable for short term turnover or some minor problems and who cannot meet the conditions of the bank.

The amount of the request is usually 50% to 70% of the appraised price of the property, then the current loan is subtracted and the duration is usually 6 months to 1 year. It should be noted that many institutional loans are processed through loan intermediaries. Need to inquire about the specific situation of service charges and interest. There are also one-time service fees, interest, appraisal fees, door to door fees, etc., and how much you have to deduct after payment, and how much you can get at the end. Institutional loans are very important, so you have to shop around and make a choice.

For office workers or businesses to apply for institutional loans, the requirements are not high, as long as they can clearly explain the purpose and source of the repayment, most can be approved.

Processing secondary bank mortgages

Banks' secondary real estate mortgages depend mainly on the source of repayment. Generally, a business is required, and it's best to start more than a year (a small number of banks can accept businesses longer than 3 months); there is a certain turnover to determine your source of reimbursement. It is more difficult for a simple office worker to apply for a second mortgage.

This year, most banks have started to enter the market, and the methods of interest and repayment of real estate and secondary mortgages are much better than in previous years.

The bank's secondary mortgage will have certain requirements on the location, value and source of repayment of the property as a whole. Compared to institutions, it will be more difficult.

If the value of the property is high and there is not much left in the current mortgage amount, it is recommended that you apply for a mortgage directly, which can be used to settle the mortgage before the mortgage is approved. bank quota.