Have you already used a mortgage loan but want to acquire another property, remodel or get liquidity? We tell you if acquiring a second mortgage loan is possible and everything you need to know about this.
You should know that obtaining a second mortgage loan is possible in all financial institutions, as long as you meet the requirements that each one establishes. The decision that a second mortgage loan can be granted, will depend mainly on the economic situation in which you are, that is to say your ability to pay. However, there are certain conditions and specifications that you should know before requesting a second loan from a financial institution. We tell you everything you need to know about getting a second mortgage loan so you can grow your assets.
What should I know to get a second mortgage loan?
- Which are the requirements?
- What type of second credit can I get?
- Can I get a second Fovissste or Infonavit credit?
- Is it convenient to have two mortgage loans?
- What should I consider?
Which are the requirements?
As you well know, the requirements and conditions are different according to each entity. Applying for a second mortgage loan when the first one is not yet settled, it will only be possible in banking institutions, as long as you verify that you have enough income to settle both debts, and that you have a good credit history. If you have already finished paying your first loan with the bank and want to apply for a second, the application process will be easier. In the case of blue world city Infonavit and Fovissste, they can only grant you a second credit when you no longer have existing debts, that is, when you have finished paying your first credit.
What type of second credit can I get?
You can obtain a second mortgage loan either to make the purchase of a second property or to obtain liquidity, the latter being the easiest to obtain, as long as the property is free of debts. The fact of already owning a property will facilitate you to obtain some important monetary amount that you need, either to boost a business, or simply to get out of some unforeseen event. With a mortgage liquidity credit you can get approximately 50% to 70% of the value of your property, only leaving the same property as collateral.
There are different offers in banking institutions for people who already own a home and want to buy a second one, or they need to get resources for any other use. Review all these types of credits offered by each entity to identify the one that best suits what you need and that is also convenient for you according to your economic situation.
What is a second Fovissste or Infonavit credit?
As mentioned earlier, to apply for a second mortgage loan to Infonavit or Fovissste, your first mortgage must be already liquidated. In the case of Infonavit, it must have been more than six months after your first loan was paid to apply for the second. As for a second Fovissste mortgage loan, you must remain an active State worker to be able to obtain it, just as you must verify that your first credit payments were regular, and if so, you can only have access to one of the specific products that They are set. Discover all the requirements and conditions of Infonavit and Fovissste to obtain a second mortgage loan.
Is it convenient to have two mortgage loans?
Like everything else, getting a second mortgage loan also has its advantages and disadvantages. Although, it will make it easier for you to get the loan you need for what you need, this is about acquiring a new debt, so you must first have the assurance that you can cover it without complications. Remember that if you request a loan in which you have to put your property as collateral, you will have the risk of losing your assets.
What should I consider?
As with the first loan you must ensure that your debt does not exceed 30% of your salary, even if the debt is now for two loans, this way you will not put your economy at risk. You should review all the options of second mortgage loans you have, according to your purpose, and review their conditions and requirements to choose the one that suits your possibilities. Analyze your financial situation well, if at this time you do not have the solvency necessary to take care of another debt, you better reconsider this option to avoid filling yourself with debts that you cannot pay.
Financial institutions will always give you the opportunity to acquire more than one loan if you comply with the provisions. Analyze your economic situation well and confirm that you meet the requirements. Is it possible for you to get a second propertybuy mortgage loan?
If you are going to buy a second home you can find the best properties for sale in our real estate portal.
We also tell you different ways in which you can help your children buy their first home .