A second mortgage is an additional loan taken on a property that already has a primary mortgage. It’s generally used for purposes like home improvements or debt payoffs. The second mortgage holds a lower priority than the first, meaning that in case of default, the primary mortgage must be settled prior to the second. In order to be eligible for a second mortgage, you may need to secure approval from your initial lender. After obtaining this approval, you have the option to take out the second mortgage from the original lender or opt for a different lender.
At Capseed we have a transparent and swift process to address your second mortgage needs. Some of our process features are listed below.
Yes, the additional fees associated with a second mortgage may include application fees, legal fees etc.