The short and correct answer is Yes.
In fact, you can have as many mortgages as you like provided you meet the credit worthiness of the mortgage lending companies. In the world of mortgage, there is only one main residence. Even if you are luckier to have one or two more homes, this can never be classified as a main residence. Therefore, if you are looking for the second mortgage based residential rates, only one chance is granted to such a person. This is because residential mortgage is the cheapest mortgages in most mortgage lending institutions.
What are the conditions for you to qualify for the second mortgage? The following are the factors that most mortgage institutions consider before granting a person a second mortgage;
Credit report: this determines whether you are qualified for the second mortgage or not. A good credit report will definitely guarantee you a second mortgage.
Credit cards: this is to show your financial status in terms of credit rating. This shows your capability to repay the mortgage within the stipulated period.
Outstanding debts: higher outstanding debts will definitely deny you a chance of getting a second mortgage compared to someone with lower outstanding debts.
Employment status: most mortgage lenders look for persons with reliable and steady employment history. With the above conditions fulfilled, you are guaranteed a second mortgage.
Capital: A huge amount of capital certainly improves the rate of getting a second mortgage. This shows your full commitment towards your second application.
Down Payment: Individuals with higher down payment towards the mortgage has a higher as well as better chance of obtaining a second mortgage compared to lower down payment. This increases your credit score towards the stipulated second mortgage.
With the above requirements fulfilled prior to your second mortgage application, the mortgage institutions will certainly give you a second mortgage or even more.