How do I qualify for a 2nd Mortgage business loan?

Let’s work out how much equity you have. Start by working out what 75% of your property value is. Then subtract what you owe on your current 1st Mortgage, and the answer is the amount we can lend you. So if your property is worth $1,000,000, x 75% = $750,000. You owe $350,000, which means […]

Is it better to refinance or get a second mortgage?

Refinancing a property is a long and slow process, with an extensive number of documents needed to be provided. A 2nd mortgage on the other hand is a much better option if fast approval is necessary. It also allows for tax benefit deductions which is not permitted if you simply refinance your home loan.

How do these loans work?

Taking a 2nd mortgage means that you are applying for another loan using the same property as security. This is handy if you already have a 1st mortgage, but you just need a short term top up. It’s faster and easier than refinancing your current 1st mortgage.

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