Deuxième hypothèque

Une deuxième hypothèque est un prêt immobilier supplémentaire utilisant la propriété résidentielle comme garantie. Il s'ajoute à l'hypothèque principale du propriétaire. En général, les prêts hypothécaires de second rang ont des taux d'intérêt plus élevés qu'un prêt hypothécaire standard, bien qu'ils soient généralement inférieurs à ceux d'une carte de crédit ou d'un prêt personnel.

Second mortgages are sometimes used to purchase an additional property and expand a real estate investor’s portfolio. Others may use a second mortgage for large expenses. This can typically include paying for college, a new vehicle, or home renovations.

Similar to a primary mortgage, second mortgages require some closing costs. These fees need to be paid upfront at the time of processing the second mortgage. While realtor fees and other costs are not required, other costs are. This can include loan origination fees for the underwriting, as well as appraisal, and survey fees to help gauge the property’s current value. Rate lock fees may also be included.

HELOCs or home equity lines of credit can be used at times as a type of second mortgage of sorts. It allows homeowners to receive a line of credit in exchange for equity in their home or homes. The homeowner can choose how much they would like to borrow, from small amounts to larger at competitive rates. As with other types of home loans, another lien on the property will be established.

Second mortgages usually have certain requirements. This typically includes a credit score above 620, a debt-to-income ratio of 43%, and a certain amount of available equity in the home.