A Second Mortgage loan is a loan secured by the equity in your home. Equity is the difference between the value of the home and the balance of the existing mortgage on the property. Equity is fast becoming one of the most valuable assets in this country. Homeowners can borrow against the equity for a variety of reasons and benefits.

How much equity do I have in my home?

What is the difference between an Equity Line of Credit and another type of second mortgage?

A Home Equity Line of Credit is a line of credit that can be used as you need it. You can use any portion of it at any time and pay it back at any time. The interest rate is usually variable and is usually tied to the prime rate. Other types of second mortgages, such as the Home Equity Loan, and 125% Freedom loan are closed-end loans in that you receive the money when the loan is funded. The 125% Freedom loans allow you to take out a loan for a value greater than that of your home. You borrow a lump sum and pay it back over a period of years with interest. The interest rate for these products is fixed.

Our Home Equity loans are simple interest rate products.