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.
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.