A second mortgage on a house refers to a mortgage that is remortgaged to obtain a loan from a specific lender. The characteristic of a second mortgage on a house is that you don’t have to pay off the previous loan, and you can directly remortgage and get another loan, which saves many intermediate links such as time and advance capital costs. The houses with second mortgage on real estate should be high-quality housing and commercial buildings with great market development potential.

What are the conditions for a second mortgage loan on a house?

1. The houses covered by the second mortgage loan are residential and commercial buildings. The home used for a second mortgage on a personal home must be an existing home.

2. The house is a first-hand house purchased with a bank mortgage loan. The house mortgage registration has been completed and the bank is the mortgagee of the house. The house has been bank insured and the original insurance policy is in the custody of the bank.

3. The house is in a superior location, with convenient transportation, complete supporting facilities, and strong liquidity. The borrower is a bank's first-hand housing mortgage loan customer, and has a stable income during the repayment process, good credit, and strong repayment ability. There is no interest arrears on the first-hand loan.

What are the steps for a second mortgage loan for a house?

1. Apply through the bank. First, you need to submit a second mortgage loan application to the lending bank. Only after the bank agrees can you handle the second mortgage procedure. After the application is approved, you need to submit the information required for the loan to the bank. The bank will review your information and will send it to you after the review. The results will tell you. After passing the review, you need to sign a second mortgage loan contract with the bank and go through the notarization procedures of the loan contract. After the procedures are completed, the bank will issue the loan to you on the specified date.

2. Apply through private lending institutions. After the bank agrees, the lending institution will learn about your personal information to see if you qualify for a second mortgage loan and understand the basic information about the house. The lending institution will conduct an on-site inspection of the house to check the location, facilities, environment, area and other factors of the house to see whether the house has the value of a second mortgage. After the inspection is completed, the lending institution will discuss with you the second mortgage plan for the property and specifically determine the loan amount, term, interest rate, and service fee for the second mortgage of the property.

3. After both parties have negotiated, they can sign a private second mortgage loan contract. After the contract is signed, the staff of the loan institution will accompany you to the Housing Authority to go through the secondary mortgage registration procedures. Don't forget to prepare the relevant information. After completing the second mortgage registration, you need to go to the housing authority to obtain the certificate of other rights, and hand the real estate certificate to the intermediary for safekeeping. After the procedures are completed, the lending institution will issue the loan to you on the agreed date.