If you own a home with equity and need to borrow money, a Second Mortgage (also known as a Home Equity Loan) may be a great option to allow you to borrow funds at lower rates than with traditional unsecured loan options. You can borrow up to 90% of the appraised value of your home less your First Mortgage balance (known as the equity). With loan terms up to 15 years, you can find an affordable monthly payment that fits within your budget.
A Second Mortgage can be a great way to finance:
- Home renovations or additions
- Major home repairs
- Pool installation
- Debt consolidation
- Large appliance purchases
To apply for a Second Mortgage, please contact the credit union.
The steps for a Second Mortgage loan are:
- Call or visit the credit union to submit your application
- A list of needed documentation will be provided
- We will provide you a Good Faith Estimate (to be signed and returned) and the Consumer handbook
- A title search and flood search will be conducted. An appraiser will contact you to set up your appraisal
- As the documents in Step 4 are returned to the credit union, we will prepare your mortgage and schedule a closing date
- You will need to provide proof of property insurance and a recent paystub