Step-by-Step Guide to Getting a Second Mortgage
Determining Your Eligibility
Start by checking the eligibility criteria set by lenders. Generally, you'll need a stable income, a good credit score, and equity in your home.
Loan Application Submission
Submit your application to the chosen lender. Be ready to answer questions about your financial situation and the purpose of the loan.
Loan Approval and Disbursement
If approved, the lender will provide you with loan terms and a repayment plan. Upon acceptance, the funds will be disbursed.
Interest Rates and Terms
Second mortgage interest rates can vary. Fixed rates provide consistency, while variable rates can change over time.
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