Because banks or small lending institutions are under great pressure, the loan interest rate is often very high when handling secondary mortgages, and the loan interest rate is calculated on a monthly basis. Under normal circumstances, the monthly loan interest paid by the second mortgage is about 5% of the loan amount.
2. There is no negotiation in the repayment process.
In two mortgage, banks are particularly strict in the repayment process. In the process of repayment, once the borrower fails to repay, the bank or small loan company will immediately auction the collateral for the second mortgage without giving the mortgagor a chance to negotiate. Therefore, applicants must pay attention to the repayment time.
3. The amount that can be applied for is not high.
What are the conditions for the second mortgage of a bank house?
1. You can apply for a house by mortgage twice. Generally, you should have a good space for maintaining and increasing value. Therefore, the geographical location of the house and the surrounding facilities are better.
2. The house that can be mortgaged twice must be an existing house, not an auction house.
3. The borrower's credit of the second loan should be good, and the existing mortgage loan has no serious overdue record.
4. The borrower of the second loan must have a stable income and can guarantee to repay the new loan on time on the premise of returning the existing loan.
In general, the bank that can handle the second mortgage is the same as the bank that handles the first mortgage loan.
6. Sometimes, banks will require borrowers to take out insurance according to regulations.
7. When handling a second mortgage, it is often necessary that the initial loan has been repaid on time for a certain number of years. For example, the requirement of China Bank is 2 years.
Housing two mortgage quota and duration
I. Loan amount
1, loan amount = house value * mortgage rate-original loan principal balance.
2. The value of the house is compared with the original purchase price of the house and the evaluation price at the time of secondary mortgage, whichever is lower. 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%.
Second, the loan term.
The term of the second mortgage is determined according to the specific use of the loan. The longest loan for personal consumption is not more than 5 years, the longest loan for personal business is not more than 3 years, and the maturity date of the loan is not more than the maturity date of the first mortgage.