A second mortgage on a rental property is mortgage that goes behind the first main mortgage. It is usually offered by alternative or B lenders and it usually is offered with an higher interest rate.
Why would you want one?
Why would you want a 2nd mortgage on rental property?
You may decide to get a 2nd mortgage on a rental property in order to have more working capital to maybe fix and improve your rental property of if you are looking for a down payment to purchase an additional property.
When would you use it?
When would use a 2nd mortgage on rental property?
Whenever your property has enough equity to support the 2nd mortgage. Usually if you already have one mortgage and and you are planning to get a 2nd mortgage you should make sure that your total loan to value should not be higher then 80%. Some lender may go up to 90% but usually with a much higher interest rate for your second mortgage.
How would you get one?
How would you get a 2nd mortgage on rental property?
If you are looking for a 2nd mortgage on a rental property click here to see if you qualify for one. Sometimes it makes more send to refinance the first mortgage with a larger mortgage instead of getting a 2nd mortgage.
If you have any questions of would like to know more about your options contact me.
Who could use it?
Who could use a 2nd mortgage on rental property?
If you are an owner of a rental property and you are looking to pull some equity out of your property maybe to purchase more properties or if you simply need additional money to improve your rental property, you may qualify for a 2nd mortgage on your rental property.
FOR ANY ADDITIONAL QUESTIONS OR TO GET A 2ND MORTGAGE ON A RENTAL PROPERTY PLEASE CONTACT ME.