A second mortgage grants homeowners the ability to borrow equity from their home to gain financing. These funds can be used to pay bills, enhance the property and more.
The second mortgage is connected to the equity your current mortgage has built up, so it’s crucial to understand the ins and outs of a second mortgage before deciding to use it.
To take out a second mortgage loan, most lenders require a decent amount of equity to be built up on your home which is the amount you’ve paid towards the principal balance (the cost of the home plus interest).
After taking out the second line, you’ll need to have at least 20 percent equity still built up on your home. If you need this money fast, please note, it takes a few weeks for lender approval and the loan comes with fees.
If you’re unsure a second mortgage is for you, speak with your lender to explore your options and make adjustments as needed.
During her 25 years in the South Florida non-profit sector, helping others was always at the core of Danay's professional career. As a Realtor, she now uses her extensive background in client relations, financial management, and sales to help her clients in finding their dream home.
Whether buying or selling, what matters most to her is honest communication, extreme loyalty to her clients, and a direct, hands-on approach.
Raised in Miami, she has a personal connection to the local community and has extensive knowledge of the various cities and neighborhoods across the local market. Whether a seller or buyer, you will appreciate her attention to detail, negotiation skills, and motivation.
As a homeowner herself, she recognizes and values the trust clients place in realtors and she is dedicated to working tirelessly on behalf of her clients, making the process stress-free and exceeding their expectations.
Certifications:
Residential Real Estate Probate Specialist
