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WHAT IS A SECOND MORTGAGE LOAN?

A second mortgage loan is also called a home equity loan, because it allows you to borrow money against the equity in your home. Usually, the maximum amount available is determined as follows:
(Appraised value of your house x 80%) - existing mortgage balance

This closed-end loan calls for equal payments to pay off the loan within a certain term (60, 84, 120, or 180 months), at a fixed rate of interest.

WHO SHOULD CONSIDER A SECOND MORTGAGE LOAN?

A second mortgage is good for members with major expenses. You might consider a second mortgage instead of a home equity line of credit if you need a set amount for a specific purpose, such as an addition to your home.

You must be a property owner to qualify for this loan.

ADVANTAGES OF A SECOND MORTGAGE LOAN

  • Lower interest rate
  • Interest may be tax deductible
  • Ability to borrow larger sums of money 

HOW TO APPLY FOR A SECOND MORTGAGE LOAN

  • Request an application for a Home Equity Loan or click here.
  • Return the completed application (make sure all owners have signed).
  • Enclose a letter or statement from your mortgage company showing the balance of your loan.
  • Include the name of your insurance company and agent. (A loss payable clause will need to be supplied to us at closing).
  • Send a copy of your deed or mortgage showing the legal description of the property.
  • Arrange to have an appraisal completed on a uniform residential appraisal form. (After your credit has been checked, we will approve your loan subject to an appraisal.)


Click here for current second mortgage rates. 

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