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Get your Second Mortgage with East Bay Finance

As the name suggests, second mortgages are loans that a homeowner can request using the equity of an existing mortgage. The aim is to release some of the funds within their properties equity for use elsewhere. 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)

It is also not unnatural for a person to get second mortgage on their house for a need unrelated to the home such as funding their children’s education or purchasing a new car.

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 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.

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East Bay Finance do not source loans for a period of 61 days or less.
109 Lyndon Road East, Hastings 4122 New Zealand
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