And the second real estate mortgage?

Right now, the two main ways to manage are nothing more than three

1. Secondary mortgage loans from certain banks

2. The secondary mortgage of the credit institution

3. Secondary mortgages from pawnbrokers or other institutions

Recently, there has been more negative news caused by private lending, and it is estimated that most people are banks first.

Secondary mortgage bank

Secondary bank mortgage requirements:

1. The general age requirement is 30 years

2. A mortgage is a bank loan

3. Good personal or business credit

4. The loan amount is generally 50 to 70% of the total price of the property minus the total value of the existing loan contract.

Some suggestions on the bank's secondary mortgage

1. The initial mortgage payment is less than 6 months, no need to consider the second mortgage (most banks do not accept or may not be enough).

2. The original mortgage represented more than 50% of the current housing price and there is no need to consider secondary mortgages (most banks have a smart loan of 50% to 60%, there is no room for that and only certain private institutions can reach a maximum of 8.5%).

3. The initial mortgage is less than $ 1 million, you can consider paying back and then mortgaging (there are many choices for a mortgage, you can first apply for a bank loan to determine the amount and methods of repayment. interest is satisfied in all respects, then go and settle the previous loan).

Second mortgage institution

If the bank's secondary mortgage does not qualify and the pressurized loan is urgently needed, private institutions or small loan companies may be considered. The requirements for institutional loans are low but the interest rates are high. Choose relatively preferential interest rates while ensuring security. It is important to know that some companies do not require interest but a house.

The following notes:

1. Try to choose a larger institution instead of the cheapest one (many hidden costs will not be known until the end);

2. Try to choose the home mortgage under the company name;

3. Low interest is not necessarily the best, formal is important;

Secondary mortgage process of the lending institution:

(1) Assessment: the mortgagor or the mortgagee must be assessed by the property assessment agency and an assessment report is issued to see the credit available;

(2) Mortgage notarization: The mortgagor and the mortgagee must sign the "mortgage loan contract" with the notary's office and request notarization;

(3) Submit various documents to be submitted to the real estate mall for review;

(4) After accepting the mortgage registration, the real estate shopping center issues an acceptance slip and issues other mandates within 5-7 working days;

(5) The mortgagee sees the other warrants and makes a loan;

(6) Refund;

(7) The mortgagee and the mortgagee go to the real estate shopping center to release the mortgage.