Second Mortgages
Second mortgages are loans that provide use of the equity in your home while it adds a lien against your real estate property.
One version of a second mortgage comes with a lump sum payout with a fixed rate and fixed payments for a set term. Another type is referred to as a home equity line of credit or HELOC. This is a line of credit that you utilize as you need it and pay it back like a credit card payment. It has a variable interest rate and comes with repayment terms that are different than that of the traditional lump sum second mortgage loan.
Second Mortgage
Current Best Rate: 8.59% APR1 80% CLTV2 (as of 10/01/2024)
A second mortgage allows you to have the freedom to use the cash all at once or spread out over time. This makes the second mortgage product a good option as a part of your expected monthly budget.
- Fixed Rate & Term
- $0 Closing Costs, in most cases (an appraisal may be required at member’s expense)
- Terms available up to 20 years
- 80% and 90% CLTV options
- No pre-payment penalties
- Payments include principal and interest only
Get Started
To speak to a Credit Union of Denver Loan Specialist, give us a call 303.202.5659 | 800.280.0234 or email us at loans@cudenver.com.
Want to know what your house may be valued at? Use our Home Value Checker to show comps in your area and recent sales. This is not meant to replace an appraisal, but a tool to give you an idea of what the market is doing near the location of your property.
HELOC – Home Equity Line of Credit
Current Best Rate: 8.00% VAPR1 80% CLTV2 (as of 01/01/2024)
A HELOC is a form of revolving credit in which your home serves as collateral. You apply for a certain amount and draw on it as you need.
- $0 Annual Fee
- $0 Closing Costs, in most cases (an appraisal may be required at member’s expense)
- 80%-90% CLTV2 (Combined Loan to Value)
- Access funds via credit card or check
- Ability to re-use funds as you pay down the balance
- 1% Repayment Terms
- 10 Year Draw Period and 10 Year Repayment Period (20 years total)
Get Started Calculators
To speak to a Credit Union of Denver Loan Specialist, give us a call 303.202.5659 | 800.280.0234 or email us at loans@cudenver.com.