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Get Second Mortgage in Surrey, BC with Mortgage Helpline. Are you planning to finance your second home in Surrey? Most people opt for a mortgage for the first time, but some situations force the people to go for the second mortgage too. The second mortgage is an added loan taken on the same asset. Due to the risk factor involved in the second mortgage, lenders are not very active with providing an additional loan as they are at double risk of being in second place on your asset’s title.
Somehow, if the homeowner cannot pay the required amount then the house will automatically be taken into ownership. Here, the primary lender will be the priority and the amount will be paid to him. But with the second mortgage there arises insecurity of being paid the full amount. This is the reason for the higher interest rate in the second mortgage than the first one. One can opt for a Second Mortgage in Surrey, BC by consulting the Mortgage Helpline.
One can get a second mortgage easily when they have a good credit score, they can pay the insurance amount timely. Moreover, the lenders consider the down payment of the first mortgage as well as the income of the borrower. So, here the second mortgage will be using a home equity line of credit.
Some very rare lenders take the risk of giving a second mortgage with a bad credit score. However, you can get the loan through a trusted company or from a private lender with the help of our experts. One can go for the second mortgage when one wants to make a significant investment or when one needs to handle a huge expenditure.
Importance of Mortgage Helpline for Obtaining Second Mortgage in Surrey