A second mortgage loan or a home equity line of credit is a smart way use your home to make improvements, additions, or even consolidate bills into one, low payment. Here's a brief description of the two different options. One of our knowledgeable loan staff would be happy to discuss the benefits of each loan and help you decide what makes sense for you and your budget!
Second Mortgage Loan*
With our second mortgage, you can choose payments up to 15 years with the rate fixed for 7 years. This is a great option if you have one project you'd like to accomplish. Click here for current rates.
Home Equity Line of Credit**
The line of credit is open for ten years and during that time you can make withdrawals of $100 or more up to the available balance. Plus, there's no annual fee or early closure fee. Payments are 1 1/2% of the unpaid balance as of the last advance or $75, whichever is higher. For example, a $10,000 balance would have payments of $150 per month.
How to estimate your home's equity:
- Find your fair market value found on your tax bill
- Multiply it by 80% or 90%
- Subtract your first mortgage loan balance
This provides an estimate of your home's equity.
To begin the mortgage application process, we will need:
2) a copy of your first mortgage statement (and second mortgage, if applicable) showing your outstanding balance
3) a copy of your last property tax bill
4) a copy of your homeowner's policy showing your coverage
5) a copy of your and your spouse's last paystub or W-2 form
NMLSR ID: #446368
Mortgage Loan Originators:
Wendell Gladem #565412
April Kaufmann #565414
Alison Watson #487100
Julie Blair #1251261
Susan Dodge #408009
SECOND MORTGAGE: *APR is annual percentage rate. Rate effective as of 11/1/17, are subject to change without notice and assume electronic payment, e-statement sign-up and 80% LTV. At 80% LTV, rate is 2.999% APR with a cost per thousand of $17.98 for 60 months. At 90% LTV, rate is 3.999% APR with a cost per thousand of $18.42 for 60 months. Minimum loan amount is $10,000. 1-2 family owner-occupied residences only. Property insurance required. Excludes AppleTree refinances. Interest accrues from date of contract. Subject to approved credit and normal lending policies.
HELOC: **APR is Annual Percentage Rate. Rate (Prime + 0% for 80%LTV and Prime + 1% for 90%LTV) is effective as of 1/1/18, is subject to change on the first business day following any change in the Prime Rate as published in the Wall Street Journal, and assumes electronic payment and e-statement sign-up. As of January 1, Prime Rate, currently as 4.50%, as published in the Wall Street Journal plus a margin of 0% or 1%. Maximum APR is 18%. The home may not be listed for sale. Minimum line of credit is $10,000; Maximum $99,999. Closing costs $170 excluding appraisal and title insurance, if needed; these fees could range from $350 - $800. 90% LTV or less. 1-2 family owner-occupied residences only. Property insurance required. Excludes AppleTree refinances. Subject to approved credit. Normal lending policies apply. Equal Opportunity Lender