A mortgage can be mortgaged for a second time, which is known as a second mortgage. The feature of this kind of loan is that you do not have to pay off the previous loan, you can directly re-mortgage and get the loan again, which can save a lot of intermediate links such as time and capital advance costs.
However, it should be noted that not all banks can handle second mortgages, and only a small number of banks can handle this business because of its high risk. In addition, there are some specific requirements and precautions for applying for a second mortgage:
1. The age of the applicant: the general applicant is under 60 years old, the maximum is 65 years old, and the bank loan term + customer age shall not exceed 70.
2. Personal debt and credit situation: The second mortgage first depends on your debt and credit situation, if you are insolvent or have bad credit, then the second mortgage is difficult to approve.
3. The house must have enough space to remain: the second mortgage, also known as the residual mortgage, needs to have enough space to remain. Generally speaking, as long as your house is a bank mortgage, you can basically do a second mortgage, but there is a premise, that is, there must be room for the second mortgage. To put it bluntly, the remaining principal of your house is less than 6% of the total market value of the property.
4. The mortgaged house has obtained the property right certificate: the house that has been mortgaged for the second time can only be an existing house, and the off-plan house is not supported. The property belongs to the bank until the loan is repaid, which means that you do not have full ownership, and the borrower cannot register the property without the title deed.
Fifth, it is necessary to clarify the purpose of the loan: the mortgage housing loan needs to have a clear purpose of the loan, and we must do something that is prohibited by law, and we must do it with special funds.
6. The application time must be one year after the mortgage loan has been repaid: the application time must be more than one year after the mortgage loan has been repaid, that is, the person applying for the loan must repay the original mortgage for more than one year or more. Although a mortgage can be used for a second mortgage, there are many things that need to be paid attention to, and it is recommended to understand the relevant regulations in detail before proceeding.