Second Mortgages

A second mortgage is a loan secured by the equity in your home.  Unlike a first mortgage, it gives you the freedom to use the money for a variety of purposes.  The amount of money you can borrower in a second mortgage is based on the amount of equity you have accumulated in your home. Equity is the market value of your home minus any mortgages or other liens owed. You can borrower up to 85% of the appraised value of your home, less what you owe on the first mortgage.  Second mortgage loans offer fixed monthly payments with a variety of flexible terms to fit your budget.


SECOND MORTGAGE LOAN FIXED RATES EFFECTIVE NOVEMBER 21, 2008:

The APR is based on an $80,000 loan amount.  No cost to applicant for loans up to $250,000.  For loan requests greater than $250,000, the applicant must pay an up front $275.00 non-refundable appraisal fee and will be charged, if approved, the cost of an ALTA Policy insuring the Bank.  The property must be owner-occupied and second liens only.  Flood insurance may be required.  There is no prepayment penalty.