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Documents Needed to Qualify for a Conventional Mortgage Two years' worth of employment information. A list of assets and liabilities. Government-issued identification. Two years' worth of W-2s. 30 days' worth of pay stubsTwo to three years' worth of income tax returns. IRS Form 4506-T (signed and dated)

Rule #1 ? You can have as many mortgages as you want! Each mortgage requires you to pass the lender's criteria, including an affordability assessment and credit check. For you to be approved for a second mortgage, you need to show you have the money to make the repayments, the same with a third, and a fourth etc.

A second mortgage or junior-lien is a loan you take out using your house as collateral while you still have another loan secured by your house. Home equity loans and home equity lines of credit (HELOCs) are common examples of second mortgages.

You can get at most two mortgages at the same time for your home in most cases. Depending on the lender you work with, the interest rates and requirements may vary. Also, instead of a second mortgage, you can go for a home refinancing to access more loans without taking on more mortgages on your property.

With a second mortgage, your primary lender holds the lien (the rights to your house)?so if you stop making payments (default), they can take back your house (foreclosure). Your second lender only gets their money back if your primary lender gets all their money back from auctioning off the house.

A first mortgage is a primary lien on a property. 1 As the primary loan that pays for a property, it has priority over all other liens or claims on a property in the event of default. A first mortgage is not the mortgage on a borrower's first home; it is the original mortgage taken on any one property.