How do you apply for secondary mortgages? The need for a second loan is urgent. Let's get to the point。

How do you loan a second mortgage

First, we need to cross the threshold of the application process. (b) Submit personal information and information on the properties currently desired for mortgage, and complete the application form for the secondary mortgage。

Thereafter, an assessment of the value of the house is a key step. The loan institution appoints a professional evaluator to evaluate your house to determine the current market value of the property。

Once the application was approved, the loan contract was signed. The contract would contain key information, such as the amount of the loan, the interest rate and the manner of repayment。

The mortgage registration is then completed. At this point, the lending institution determines that the secondary mortgage is established in their name。

Under the terms of the contract, the loan institution transfers the amount of the loan to the named account of the borrower, i.e. the lending phase。

Finally, the lender is required to pay the principal and interest on the loan on time in accordance with the detailed repayment plan in the loan contract。

At the same time, we need to make it clear that your property must satisfy the following conditions for secondary mortgages: first, the house must have been made available and given a home book; secondly, the house must have been purchased through a bank mortgage; then the mortgage must be registered and secured as a mortgagee; bank mortgages require a different repayment period from one bank to another, usually for at least 12 or 18 months; and, lastly, the house is easily located, accessible, equipped and equipped with the potential for appreciation。