In Aurora, second mortgages are a great option when looking for funds to cover expenses such as education fees, home renovations, business capitalization, etc. A second mortgage is a financial loan typically secured by real estate that already has a first mortgage. If the property is sold, the first mortgage holder holds the right to claim any proceedings from the sale. In such a case, the second mortgage holder may have to wait until the first mortgage holder is paid off before being paid. A third mortgage holder must wait for the first and second mortgage holders to be paid before claiming a lien.
Aurora Mortgage Brokers
When getting a second mortgage, there are a few things to consider. Some of these include the interest rate and any fees that come along with the mortgage. In Aurora, mortgage brokers can help you get the best deal when looking for a second mortgage. It is important to use a reputable second mortgage broker, mostly because in Aurora, mortgage appraisal requirements differ from lender to lender, especially when it comes to the Loan-to-Value (LTV) ratio factor, which in most cases determines your chances of getting a second mortgage loan.
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Aurora Information
Aurora Real Estate Market
The real estate market in Aurora continues to gain momentum, especially regarding the price per square foot average, which increased by 13% by December 2016 compared to the 2015 reports at a similar period. Since January 2016, Aurora’s housing prices have risen significantly, with median prices of $689,450 for a 3-bedroom and $2,088,000 for a 5-bedroom. As of June 2024, Aurora MLS® stats indicate an average house price of $1,400,216 and 150 new listings in the last 28 days. As of today, Aurora housing data shows that the median days on the market for a home is 21 days.