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Access the equity in your home

With a second mortgage, you can take advantage of the equity in your home to pay for a large, one-time expense such as a home improvement project or debt consolidation.1 The interest rate is fixed, so your monthly payment remains consistent throughout the life of the loan. Our second mortgage also offers:

  • Financing options up to 90% of your home's appraised value
  • Flexible repayment terms: 5, 10 or 15 years
  • Possible tax benefits2

Estimate your equity

The first step is to calculate your home’s equity through a real estate site such as for a free estimate. When you have your estimated value, multiply it by 90% to determine the maximum equity you can borrow. Using that maximum equity amount, subtract the outstanding balance on your current mortgage. The difference between your maximum equity value and what you owe is the amount of equity available for your loan.
                                 (market value x .90) - (first mortgage balance) = estimated equity

What you'll need for your application:

  • Current mortgage statement
  • Current employment and income information (recent paystub, retirement benefit statement, most recent tax return)
  • Proof of homeowner's insurance
  • Other documentation may be required

Here to help

Apply online for a
Apply online for a
Second Mortgage

Call a Mortgage Loan Specialist
Call a Mortgage Loan Specialist
301.779.8500 ext. 4045

Visit one of our
Visit one of our
branch locations

1 Loans subject to credit qualifications and approval. All applicants must meet membership eligibility requirements. Rates subject to change without notice. To qualify, members must have equity in their home and must borrow at least $10,000. Property insurance is required.
2 Consult your tax advisor to determine whether the interest is tax deductible. Some restrictions may apply.
Rebates with HomeAdvantageTM
  • We'll help you find a real estate specialist
  • Earn a rebate
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