Second Mortgage

Find out how you can leverage the equity in your home with a second mortgage. 

No closing costs on your home equity loan1

Fixed rate
Flexible terms
Possible tax benefits

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 estimated value
  • Flexible repayment terms: 5, 10 or 15 years
  • Possible tax benefits2

Estimate your equity

The first step is to calculate your home’s value 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) = available equity

Application perquisites:

The following documents are required in order to complete the 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

Frequently Asked Questions

You may mail your loan payment, pay online by transferring funds from a checking/savings account (please note that you must be set up for Digital Banking), or you may pay in person at any of our branch offices. In addition, you may set up a debit from another bank account or create a distribution from a direct deposit or payroll deduction.

Start leveraging the equity in your home with a second mortgage.

Featured Resources

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1 Closing costs on second mortgages with a minimum loan amount of $10,000 and home equity lines of credit (HELOC) with an advance on the line of credit of $10,000 at the time of closing will be paid by the Credit Union. The closing costs will be recouped by the Credit Union if the loan is paid off and closed within three years. Closing costs vary and will depend on the location of the property and the amount of the loan. Closing costs typically range between $500 and $2,000. This offer is subject to change without notice. Other restrictions may apply. All applicants must meet membership eligibility requirements.
2 Consult your tax advisor to determine whether the interest is tax deductible. Some restrictions may apply.