What are the risks of secondary mortgage?
1, loan interest
There is great pressure on banks or small lending institutions for housing with secondary mortgage, so when handling secondary mortgage, the loan interest rate is very high, and the loan interest rate is calculated monthly. Under normal circumstances, the monthly loan interest rate paid by the second mortgage is about 5% of the loan amount.
2. There is no negotiation process in the repayment process.
In the process of repayment of the second mortgage, banks have strict requirements. In the process of repayment, once the borrower is unable to repay, the bank or small loan company will auction the collateral without giving the mortgagor a chance to negotiate. Therefore, applicants must pay attention to the repayment time.
3. The loan application amount is not high.
Although the secondary mortgage procedure is simple, the loan amount is not high. According to the regulations, the amount of the two mortgages does not exceed the original value of the collateral-the original loan amount, so if the original loan amount is deducted, the applied loan will be greatly discounted.
What should I pay attention to in the second mortgage?
1, loan amount
The loan amount of the second mortgage of the house is agreed as follows: the value of the house is lower than the original purchase price and the evaluation price at the time of the second mortgage. The mortgage rate of secondary loans with housing mortgage shall not exceed 70%; The mortgage rate of secondary loans for commercial housing mortgage shall not exceed 50%.
2. The loan procedures are basically the same.
The procedures and documents required for secondary mortgage and primary mortgage are basically the same. The legal effect after registration is different in the order of realizing mortgage.
3. The second mortgagee shall fulfill the obligation of informing.
Although the Measures for the Administration of Urban Real Estate Low Pressure stipulates that the second mortgage does not require the consent of the first mortgagee, it should be informed to the second mortgagee. However, in the actual mortgage process, if the first mortgage contract requires the consent of the first mortgagee, it must be observed in accordance with the contract.
What are the risks of the second mortgage of the house and what should be paid attention to in the second mortgage of the house? I hope it will help you. The second mortgage of the house is risky, so you should consider it clearly before handling the mortgage of the house, and you should also find a formal mortgage company.