Fast Second Mortgages
In real estate, a property can have multiple mortgages secured against it. The loan that is registered first is called the first mortgage. The loan or mortgage that is registered second is called the second mortgage and is subordinate to the first mortgage. There is no limit to the number of mortgages that can be registered over the title to a security property.
Easy Settle Finance can provide the quickest turnaround on short term finance by way of Second Mortgages or Caveat Loans.
Second mortgages are called subordinate because, if the loan goes into default, the first mortgagee gets paid out first before the second mortgagee. This makes second mortgages more risky for lenders and generally means that second mortgages come with higher interest rates than first mortgages.
How does it work?
Step 1. Contact us and get an instant answer.
Step 2. Complete our application and send supporting documents.
Step 3. Accept loan offer.
Step 4. Valuation or inspection of the security property.
Step 5. Loan Documents signed.
Step 6. Settlement.
Second mortgage rates and lending amounts
On a second mortgage our indicative rates are from approx 1.5% to 2.5% per month and our loans typically will be up to a maximum of 70% to 75% Loan to Value Ratio (LVR). Loan amounts are typically between $20,000.00 to $500,000.00.
More Second Mortgage Information
A second mortgage typically refers to a mortgage (or secured loan) that ranks behind another loan or mortgage against the same property.
In most cases a second mortgagee will require an agreement with the first mortgagee that regulates the priority amount or amount secured and payable under each loan. This agreement is called a ‘Deed of Priority’ or Priority Agreement.
Easy Settle Finance is a market leader in facilitating Private Mortgage products. We are specialist second mortgage providers and can facilitate second mortgages to suit your specific needs with a fast and easy turnaround.
Call us now on 1300 730 267 to discuss Second Mortgages and Funding today. Or complete our Quick Enquiry form or Online Application and we’ll call you back shortly.