You can get a loan when you buy a house, and you can get a loan again if you need money urgently later. This is what we often hear about two mortgage, but two mortgage is not as simple as you think, and you still have to go through a lot of procedures and follow the procedures, and there may be traps in it. So what are the two mortgage traps of houses? What are the housing two mortgage conditions?
What are the two mortgage traps of housing
1. The high loan interest rate is trapped
Because the pressure borne by banks or microfinance institutions is relatively large, the loan interest rate is very high when handling housing two mortgage, and the loan interest rate is calculated on a monthly basis. Generally, the monthly loan interest rate paid by two mortgage is about 5% of the loan amount.
2. There is no negotiation in the repayment process.
The financial institutions in two mortgage are particularly strict in the repayment process. In the repayment process, once the repayer fails to repay, the bank or small loan company will immediately auction the secondary mortgaged collateral without giving the mortgagor a chance to negotiate. Therefore, applicants must pay attention to the repayment time.
3. Those who apply for a second mortgage with a low amount
Although the procedures are simple, the amount they can apply for is not high. According to the regulations, the amount of credit in two mortgage shall not exceed the original value of collateral minus the original loan. Under normal circumstances, the loans that can be applied for will be greatly discounted after the original loan amount is subtracted.
What are the two mortgage conditions for housing
1. To be able to handle a house in two mortgage, it is generally necessary to have better value preservation and space. Therefore, the geographical location and surrounding facilities of the house are better. The house used to handle two mortgage must be an existing house, not an auction house.
2. The borrower's credit should be good, and the existing mortgage loan has no serious record. The borrower must have a stable income and can guarantee to repay the new loans on time on the premise of repaying the existing loans.
3. In general, the bank that can handle two mortgage is the same as the bank that handles the first mortgage loan. Sometimes, banks will require borrowers to take out insurance according to regulations. When handling two mortgage, it is often necessary that the first loan has been repaid on time for a certain number of years. For example, the requirement of China Bank is 2 years.
The above is the two mortgage trap of the house. What are the traps? What is the two mortgage condition of housing? We should find a formal loan company or bank to handle two mortgage, so as to reduce the risk of being cheated. We should learn more about the relevant information before handling it, and the possibility of falling into the trap will be reduced a lot.