Of course, it is a wise move to buy your home rather than rent, and although the first few years are tough, after a while, you have accumulated some equity, which should steadily grow over time. In the event you wish to extend your property, or perhaps carry out come home improvements, taking out a second mortgage is probably the cheapest way to fund such a project.
Second Mortgage Eligibility
In order to qualify for a second mortgage, you need to have the following:
- Own a property with less than 95% of the value mortgaged.
- A regular income, and business owners do not have to provide evidence of this.
- An acceptable credit rating.
This allows you to release some of your equity in the cheapest way possible, and with flexible terms, you can tailor the repayments to suit. It matters not what you intend to use the money for, and if you are covered by the above 3 requirements, you can expect your online loan approval to be approved within 15 minutes. If you happen to live in Australia, you can obtain a second mortgage from My Cash Finance, a leading loan provider that has helped thousands of Australian citizens to release some of their equity.
Online Solutions
The great thing about an online application is the time it saves, and we all remember how slow things were when we relied on surface mail and the telephone. You could, for example, wake up one morning and decide to carry out some major improvements to your property, and with a simple Google search, you will soon arrive at the website of an established loan provider who can help you to get the ball rolling, and what’s more, there’s every chance that the money will be in your account by the end of the day.
Minimum Documentation
Unlike the traditional bank, you need to produce very little when applying for a second mortgage online, as only 3 documents are required, which are:
- Driving Licence
- Business Certificate (If you run your own business)
- Real Estate property council rate
Once you have made the online application, the online loan provider would liaise with you throughout the application process, and for most people, the funds are transferred within a few hours.
Avoid High Interest Rates
Taking out a personal or business loan can work out to be very expensive in the long run, which is why most homeowners prefer to release some of their property equity, which is, after all, yours. A second mortgage can provide the perfect solution for any circumstances, and with a flexible repayment package, you can ensure that you will not be overstretched financially.
It makes perfect sense to use some of your equity as you get older, and a second mortgage allows you to do this, and with online providers, you can be sure of a very quick application process. Whatever the reason for the loan, taking out a second mortgage is definitely the most cost effective way to access your equity.