Second mortgages can often prove to be risky for lenders. Owing to this, most lenders have certain qualifying criteria that you need to satisfy, to make you eligible for a second mortgage. Some of the most important aspects that lenders scrutinize include:
- Income- Your income is the most important indicator that will give a lender the assurance that you are capable of making payments. Having a dependable source of income makes you increasingly likely to be accepted for a second mortgage, that too at a lower rate of interest.
- Equity- The higher your home equity is, the more likely you are to qualify for a second mortgage.
- Property- The value of your property is also important since most second mortgages are secured against your property, to save the lender from losses in the event that you are unable to manage your mortgage payments.
- Credit score- Your credit score is an important aspect that is taken into account by most lenders as it determines the rate of interest that would be applicable on your second mortgage. The higher your credit score is, the lower your rates of interest on the second mortgage will be.
Second mortgages have other intricate considerations that you need to make apart from being eligible for the qualifying criterions. Taking the help of a professional will help you make the soundest decisions when it comes to securing your second mortgage. Contact us at Best Capital Bonds, to utilize our immense expertise and experience in the field and secure your second mortgage in the most comprehensive fashion. We allow you to make this decision after evaluating a lot of different aspects, so as to ensure that you do not suffer losses or end up losing your home. Contact us today to avail of such brilliant services.