Second Mortgage (Home Equity)
A second mortgage can be useful to employ the equity in your home for, a purchase, debt consolidation, home improvement, college expenses or even a dream vacation. A second mortgage is a closed-end, fixed rate loan which allows you to go up to 80% of the value of your home, less your first mortgage balance. Second mortgages carry convenient terms of 60, 120 or 180 months. Click Here to View Mortgage Rates.
Home Equity Line-of-Credit
A Home Equity Line-Of-Credit (HELOC) is a great tool for home projects, when you haven’t decided how little or how much you want to do.
Home Equity Line-Of-Credits are open ended, interest only, adjustable rate mortgages. The rate adjusts according to the current Prime Rate. A minimum payment of $100.00 a month is required. Click Here to View Mortgage Rates.
Click Here to download "What You Should Know About Home Equity Lines of Credit". This informative booklet is published by the Federal Reserve Board.
Click Here to download "Important Terms of Your Home Equity Line of Credit". This document explains the requirements, schedules, interest and payment structure of Telco's Home Equity Line-Of-Credit.