A second mortgage lets you borrow against your home's equity while keeping your first mortgage and its rate. It can come as a fixed lump sum or a revolving line of credit.
A second mortgage is any loan secured by your home that sits behind the first mortgage. Home equity loans and HELOCs are the most common types. Second mortgages can also help buyers avoid PMI or jumbo pricing on a purchase by splitting financing into two loans.
No need to refinance a low-rate first mortgage.
Choose a fixed loan or a flexible HELOC.
Combine with a first loan to reduce down payment.
Remodels, debt payoff, education and more.
Choose a topic to jump to the details.
Closed-end second mortgages (home equity loans) pay out once with fixed payments. HELOCs are open-ended lines. Piggyback seconds are used at purchase alongside a first mortgage.
An 80-10-10 structure uses an 80% first mortgage, a 10% second and 10% down to avoid PMI. It can also keep the first loan under the conforming limit.
Back to topicsSecond liens typically carry higher rates than first mortgages because they are repaid after the first in a foreclosure. We will compare the total cost against a cash-out refinance.
Back to topicsTell us about your goals. A loan officer will confirm whether this program is the right fit.
We fill out the application with you and send a secure list of documents to upload.
We handle appraisal, underwriting and title, keeping you updated by phone, text or email.
Every file is different. Your loan officer will send an exact list.
Have a question that is not answered here? Ask a loan officer.
Most seconds require solid credit and equity.
Sometimes, if combined loan-to-value allows.
Possibly, if used to buy, build or improve the home. Ask your tax advisor.
Often in a few weeks.
Yes, with some lenders, though terms are usually stricter than on a primary home.
Talk to a loan officer
Tell us a little about your plans. A licensed loan officer will call you, usually the same business day.
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