Step-By-Step - Second Mortgage in Velocity
How to prepare a Second Mortgage where existing First Mortgage is remaining
In the Assets, Liabilities & Properties section, enter the existing home and the first mortgage details. The Payoff field should be left blank to indicate the mortgage is remaining. Click the orange button to Copy to Subject Property.
In the Mortgage Request section, select Existing for the 1st Mortgage and Requested for the 2nd Mortgage. Mortgage Type should be Second.
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