CENTURY 21 Bond Realty, Inc. | Malden MA Real Estate, Medford MA Real Estate, Melrose MA Real Estate


Most people that obtain a mortgage loan against another property usually plan to buy a second house. This means that they are not ready to sell or move out of their existing place of residence, but they wish to have a second house that they can occupy later, use as a vacation retreat or as an income property. A mortgage loan secured against another property is known as a second mortgage. 

A second mortgage on another property is also a long-term loan in your name against the home you intend to buy. It is worth noting, however, that this mortgage differs from a secured charge mortgage or remortgage.

Benefits of securing a mortgage loan against another property 

- The advantages of going for a second mortgage is that it is separate from your current mortgage. Therefore, your existing property is not at direct risk.

- A second mortgage could be a cheaper loan when compared with second charge mortgage or secure loan 

Drawbacks of securing a mortgage loan against another property

- One of the disadvantages of acquiring a second mortgage is that it requires a second deposit.

- Paying for two mortgages at a time can be quite expensive.

- Affordability checks of the second mortgage are stringent.

- Going for a second mortgage may put your current apartment at an indirect risk. Meaning that you might have to sell your existing home to cover the repayment of the second mortgage. 

How to secure a mortgage loan against another property 

You must be aware of the fact that you will be subjected to stricter affordability checks when applying for a second mortgage. A second mortgage is much harder to approve because of these measures. You have to get all your documents ready, especially those that will prove that your income can cover the cost of two mortgages.

Apart from getting your documents ready, try to minimize spending well before tendering your application for a better chance. Also, it is essential that you make a comparison across the market to know the right deal for you. Another trick to improve your chances of getting your second mortgage approved is by repaying the first mortgage as quickly as possible. Decide on what you want to do with your second home as this will affect your mortgage.

Are you planning to secure a mortgage loan against another property? Check out the tips given above. They will help you get your application approved whenever you decide to go for a second mortgage. Your real estate agent may have special relationships with mortgage brokers or lenders in your area, talk to them for additional advice.



217 Ferry Street, Everett, MA 02149

Multi-Family

$579,900
Price

2
Units
2,626
Approx. GLA
Fabulous opportunity for owner occupant or investor to get into the HOT Everett market. This spacious 2 family home has been in the same family for many years and offers a wonderful floor plan, deep closets, hardwood floors, natural woodwork, built in dining room hutches, tile baths, vinyl siding, updated windows, gas utilities, 2 huge enclosed rear porches, a fenced back yard and 3 car tandem parking. Move in ready, this great home just needs some TLC to make her shine again. This property offers wonderful income potential. Property delivered vacant. Conveniently located on a major bus route, steps to the new Everett High School, shopping, restaurants and in close proximity to the Wellington Train Station, the new Encore Casino and Assembly Mall. Boston is just 5 miles away. First showing at open house Sat. 5/18 and Sun. 5/19 from 12:00-2:00.
Open House
Saturday
May 18 at 12:00 PM to 2:00 PM
More Open Houses
Cannot make the Open Houses?
Location: 217 Ferry Street, Everett, MA 02149    Get Directions

Similar Properties




217 Ferry Street, Everett, MA 02149

Multi-Family

$579,900
Price

2
Units
2,626
Approx. GLA
Fabulous opportunity for owner occupant or investor to get into the HOT Everett market. This spacious 2 family home has been in the same family for many years and offers a wonderful floor plan, deep closets, hardwood floors, natural woodwork, built in dining room hutches, tile baths, vinyl siding, updated windows, gas utilities, 2 huge enclosed rear porches, a fenced back yard and 3 car tandem parking. Move in ready, this great home just needs some TLC to make her shine again. This property offers wonderful income potential. Property delivered vacant. Conveniently located on a major bus route, steps to the new Everett High School, shopping, restaurants and in close proximity to the Wellington Train Station, the new Encore Casino and Assembly Mall. Boston is just 5 miles away. First showing at open house Sat. 5/18 and Sun. 5/19 from 12:00-2:00.
Open House
Saturday
May 18 at 12:00 PM to 2:00 PM
More Open Houses
Cannot make the Open Houses?
Location: 217 Ferry Street, Everett, MA 02149    Get Directions

Similar Properties




217 Ferry Street, Everett, MA 02149

Multi-Family

$579,900
Price

2
Units
2,626
Approx. GLA
Fabulous opportunity for owner occupant or investor to get into the HOT Everett market. This spacious 2 family home has been in the same family for many years and offers a wonderful floor plan, deep closets, hardwood floors, natural woodwork, built in dining room hutches, tile baths, vinyl siding, updated windows, gas utilities, 2 huge enclosed rear porches, a fenced back yard and 3 car tandem parking. Move in ready, this great home just needs some TLC to make her shine again. This property offers wonderful income potential. Property delivered vacant. Conveniently located on a major bus route, steps to the new Everett High School, shopping, restaurants and in close proximity to the Wellington Train Station, the new Encore Casino and Assembly Mall. Boston is just 5 miles away. First showing at open house Sat. 5/18 and Sun. 5/19 from 12:00-2:00.
Open House
Saturday
May 18 at 12:00 PM to 2:00 PM
More Open Houses
Cannot make the Open Houses?
Location: 217 Ferry Street, Everett, MA 02149    Get Directions

Similar Properties



Framed photographs have helped transform your ordinary house into a comfortable home. However, if you recently bought or sold a home, you may need to pack up these photographs and take them to a new address in the near future.

Lucky for you, we're here to provide expert insights into how to safely and quickly pack your framed photographs prior to moving day.

Now, let's take a look at three best practice for packing framed photographs.

1. Choose the Right Packing Material

The right packing material for a framed photograph usually varies based on the size of the photograph itself.

For example, if you're packing a small framed photograph, you may want to use a small moving box. Pack the box with bubble wrap or packing paper as well to fully secure the photograph during transit.

If you need to move large framed photographs, you may want to pick up specialty boxes. These boxes can be purchased from a moving supply store and will make it easy for you to protect your photographs as they go from Point A to Point B.

2. Wrap the Picture and Frame

When it comes to protecting framed photographs, packing paper is ideal. If you wrap the photograph with the frame glass-side down against the paper, you can reduce the risk of damage.

For those who decide to pack multiple small framed photographs in the same box, it often pays to individually wrap each photograph in packing paper. That way, you can keep various framed photographs together and prevent them from getting damaged.

Also, use packing tape all the way around a photograph frame. This will help you keep all packing paper in place around the frame and photograph.

3. Use Caution When Placing Framed Photographs in a Moving Truck

A framed photograph will absorb pressure more easily on its edge than lying flat. Thus, a framed photograph should be placed on its side – not flat – in a moving truck.

Furthermore, when you pack a moving truck, you should always place framed photographs in a spot where they won't move or fall over. You may even be able to wedge framed photographs between heavy objects to keep these photographs in place in a moving truck.

If you need additional assistance as you pack your framed photographs or other belongings, you may want to hire a professional moving company. With this business at your side, you can receive comprehensive support as you prep for moving day.

Lastly, a real estate agent can help you enjoy a seamless transition from one address to another. In addition to helping you map out the home selling or homebuying journey, a real estate agent can put you in touch with the best moving companies in your area.

Simplify the process of packing your framed photographs – use the aforementioned best practices, and you can quickly and effortlessly get your framed photographs ready for an upcoming move.




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