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Australian Mortgage Centre is a professional broking company with highly experienced consultants providing the best available options of financial products & services to make borrowing money for your second mortgage home loan easy.
Our available second mortgage products range from investment second mortgages, second commercial mortgage and all mortgage refinance options.
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Second Mortgage Loan
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Australian Mortgage Centre provides a comprehensive range of the latest second mortgage products from leading australian lenders to suit your personal investment or business finance needs....
Second Mortgage refers to a second loan secured under an existing first mortgage upon a piece of property, typically by the home owner. One of the main driving forces that prompt people to take out a second mortgage on their home or commercial security is for debt consolidation or to increase equity funds quickly for investment purposes.
A second mortgage also carries rights to the property however, these are lessor to those of the first registered mortgage. In the process of approving a client for a second mortgage, the lender will calculate the affordability and risk of the first mortgage before calculating whether you would be able to meet any additional repayments on the second mortgage.
Process for getting a second mortgage is much like the one you go through for your first mortgage finance. The completion of financial paperwork, personal information, a home appraisal, and providing your new mortgage lender with necessary information in regards to your second mortgage loan must all be taken care of.
Second mortgages usually carry a higher interest charge as the first mortgage carries first priority in the case of mortgage default.
There are also fees to be paid as you are essentially obtaining a new loan. These include loan origination fees, appraisal fees, and closing cost related fees. You must also bear in mind that once you get a second mortgage, you will be making two payments on your home every month and not just one. In addition to your first mortgage payment, you will also be making a second mortgage payment every month in an effort to stay on top of your mortgages and avoid defaulting.
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