Get your second mortgage with East Bay Finance
As the name suggests, a second mortgage is a loan where a homeowner can borrow against the equity in their existing property. Some of the equity within the existing property can be released as funds.
Property owners can often opt for such financing for various reasons, some of which include:
Funding home repairs or improvements
Avoiding costly insurance premiums for private mortgage insurance
Helping to settle part of the down payment amount
Creating an HELOC (Home Equity line of credit)
Applying for the Second Mortgage
There is little difference between the process for getting a second mortgage and your first application. However, by applying for your second mortgage with East Bay Finance, you have the added benefit of a personalised level of service. Our managing director stays close to the helm throughout the application process. Each loan is assessed on its own merit and does not necessarily have to fit guidelines that other finance companies may enforce.
All we ask is that our applicants submit a truthfully filled application. All second mortgage home loan applications submitted to East Bay Finance should include the required paperwork, personal details, and a subsequent home appraisal report. The onus then remains for us to determine if a request qualifies for funding or not. In case an applicant is not successful, our representatives are always available to offer the requester advice on alternative available financing options.
Although second mortgages can help you fund life’s sudden or unforeseen financial expenses, the amount that a person can borrow when taking a second mortgage varies and depends mostly on the home equity. Essentially, this is the difference between the current property value and the total debt it owes. If the property has sufficient capital, a borrower can even request for an amount that exceeds their existing first mortgage balance. The interest rates vary based on the loan amount and the duration of the loan.
Get your Second Mortgage
At East Bay Finance, we take pride in our years of experience in the provision of affordable second mortgage loans. For more information, talk to East Bay Finance today. We would be happy to help with your second mortgage in any way we can.
Repayment amounts are based on a 15.95% interest rate and are indicative only. They exclude any brokerage, establishment, administration, waiver and insurance fees. These terms may not be available for your loan type. All loan quotes are subject to full application details and lenders conditions at the time of application.