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 it.

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 find yourself, that is, on 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 obtaining a second mortgage so that you can grow your equity.

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 has not yet settled, it will only be possible in banking institutions, as long as you check that you have enough income to pay off the two debts, and that you have a good credit history. If you have already finished paying your first loan with the bank and want to request a second one, the application process will be easier. In the case of Infonavit and Fovissste, they can only grant you a second loan when you no longer have existing debts, that is, when you have finished paying your first loan.

What type of second credit can I get?

You can obtain a second mortgage loan either to purchase 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 being the owner of a property will make it easier for you to obtain some important monetary amount that you need, either to boost a business, or simply to get out of something unforeseen. With a liquidity mortgage loan 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, or need to get resources for any other use. Review all these types of credits offered by each entity to be able 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 loan?

As mentioned above, to request a second mortgage loan from Infonavit or Fovissste, your first mortgage must be already paid off. In the case of Infonavit, more than six months must have passed since your first loan was paid in order to request the second. As for a second Fovissste mortgage loan, you must continue to be an active State worker in order to obtain it, as well as you must verify that your first loan payments were regular, and if so, you will only be able to have access to one of the specific products settle down. 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, obtaining a second mortgage loan also has its advantages and disadvantages. Although, it will make it easier for you to obtain the loan you need for what you need it, 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.

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What should I consider?

As with the first loan, you must make sure that your debt does not exceed 30% of your salary, even if now the debt is for two loans, in this way you will not put your economy at risk. You should carefully review all the second mortgage options that you have, according to your purpose, and review well their conditions and requirements in order to choose the one that suits your possibilities. Analyze your financial situation well, if at this time you do not have the necessary solvency to take care of another debt, it will be better that you reconsider this option to avoid filling up with debts that you cannot pay.

Financial entities will always give you the opportunity to acquire more than one loan if you comply with the established. Analyze your financial situation well and confirm that you meet the requirements. Is it possible for you to obtain a second mortgage loan?

If you are going to buy a second home you can find the best properties for sale on our real estate portal.

We also tell you different ways in which you can help your children to buy their first home .