Home Equity Loans & Fixed Rate Second Mortgages
Access your home’s equity for any reason.
Turn your home’s equity into cash in your hand.
Whether you’re looking to pull out equity for a home improvement project, consolidate debt, cover unexpected expenses, pay for tuition, take a vacation, or make that big purchase you’ve been thinking about, we’ve got an equity loan to fit your needs.
Fixed Rate Second Mortgage or Home Equity Line of Credit (HELOC)?
We offer both fixed rate second mortgages and HELOCs.
- Fixed Rate Second Mortgages provide you with a single lump sum, then stable and consistent monthly payments on that lump sum until the loan is paid in full. Essentially this loan functions similar to your first mortgage and is considered the safest long term second mortgage option.
- HELOCs are a revolving source of funds that allow you to pull money out as it is needed and repay it over time. It works similar to a credit card, where you can pay it down and use the remaining line of credit as it becomes available over and over again. HELOCs are variable rate loans. This means that your payment will go up or down with Prime Rate and your monthly payment will fluctuate depending on rates and your existing loan balance.
Keep your rate on your first mortgage!
Access the equity in your home without refinancing your existing mortgage.
Your home’s equity is likely near an all-time high, however so are first mortgage interest rates. When rates were at historically low levels, it made sense to access your home’s equity using a first mortgage cash out refinance to pay off your existing mortgage and take out a larger loan to receive the difference. Recently though, first mortgage interest rates have risen and refinancing your existing mortgage that is at a lower interest rate, up to a much higher rate to access your home’s equity out may not make sense anymore.
Get Started Today! Call us at 248-608-RATE or schedule a call with us.