Second Mortgages

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:

  • Consolidating debt

  • 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.

Loan Amount

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.

How much would you like to borrow?
$1,000
$30,000
Repayment Term:
36 months
Monthly
$0
Weekly
$0
60 months
$0
$0

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.

Please read the Responsible Lending Guidelines for more details

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Cost of a Loan

We do not offer Short Term loans, all East Bay Finance Loans are for terms of six to sixty months with a fixed annual rate of interest. Our current interest rates start at 15.95% but may be as high as 39.95% depending on credit history, security offered and your overall credit profile. A typical $20,000.00 loan through East Bay Finance would be as follows:

  • Personal Loan Amount $20,000
  • Establishment Fee $440.00
  • Payments over 36 months
  • Interest rate from 15.95% including monthly
  • Admin fee of $15 per month
  • Repayments from $900.00 per month including (optional)payment waiver cover – subject to terms and conditions
  • Annual Percentage Rate 20.7%

This is only an example – please refer to our Fee tab for full disclosure.