Second mortgages

The ability to borrow money against your property is considered one of the biggest advantages of owning a home. A second mortgage is essentially a loan secured by your home or another piece of property with a first mortgage. The second mortgage allows the homeowner to tap into his or her equity to pay for college tuition, essential home improvements, pay off credit card balances or other pressing financial needs.

By definition, a second mortgage is any loan that involves a second lien on the property, but you generally have two options: a home equity loan or a home equity line of credit.

With a home equity loan, you borrow a lump sum of money to be paid back monthly over a set time frame, much like your first mortgage. We  offer fixed rate loans of 10, 15 or 30 years.

A home equity line of credit (HELOC) is an open line of credit tied to an equity-based maximum loan amount. Ask about our interest only  low monthly payment option.

When deciding what type of loan is best for you, it is important to consider how you will use the money and how you intend to pay it off. Do you need money in one lump sum or intermittent over several months or years? Do you want a fixed interest rate so you can repay your loan in precise monthly installments or would you rather have the flexibility to make any size payment above the interest-only minimum? In today’s competitive market, there are many options available. I will help you find the right mortgage product for your lifestyle and financial needs.