What is a second mortgage?
A Second Mortgage, commonly referred to as a home equity loan, allows you to use the equity in your home to secure a loan. Certified Federal Credit Union offers two varieties of home equity loans: Variable-Rate Lines of Credit and Fixed-Rate/Fixed-Term Loans.
Variable-Rate Home Equity Line of Credit (HELOC)
For maximum flexibility and the lowest payment, a credit line tied to the equity in your home is a great option. You may borrow money as you need it, and monthly payments are based on 15-year repayment terms. As you pay down the balance, that equity is freed up for you to borrow again, quickly and easily.
Fixed-Rate/Fixed-Term Equity Loan
A fixed-rate home equity loan is a good option for members who need a set amount of money for a specific purpose. It allows you to borrow, in a lump sum, up to a specified percentage of the equity in your home. With this loan, you get a fixed interest rate for the life of the loan (we offer terms of 10 and 15 years). With low closing costs and fast turnaround time, we make the process easy.
The benefits of a second mortgage.
A home equity loan offers many potential benefits, including:
Cash when you need it Get money out of your house for home improvements, college tuition, consolidating bills or a family emergency.
A lower interest rate A home equity loan offers very attractive rates. Savings are often dramatic when consolidating higher-interest credit cards.
One low payment If you currently have many monthly bills, consider consolidating them into a single loan with one easy payment.
Our experienced Loan Officers will review your individual situation and lay out your options to help you make an informed decision. We can help you determine if refinancing makes sense for you and get you into the best loan for your situation. Give us a call at 323.859.2250, Ext. 4115.CURRENT RATES