Second Mortgage Loans
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. Vons Credit Union offers two varieties of Home Equity Loans: Variable Rate Lines of Credit and Fixed-Rate, Fixed-Term Loans.
Home Equity Lines of Credit (HELOC)
For a maximum flexibility and the lowest payment, a credit line tied to the equity in your home is a great option. You can borrow money as you need it, and monthly payments are based on 15-year repayment terms. As you pay the balance down, that equity is available for you to borrow again, quickly and easily.
Fixed Rate Equity Loan
A Fixed-Rate Equity Loan is a good option for members who need a set amount of money for a specific purpose. A fixed-rate Home Equity Loan 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 and we offer terms of ten and fifteen years. With low closing costs and fast turnaround time, we make the process easy!
What are the Benefits of a Second Mortgage?
A Home Equity Loan offers many potential benefits, including:
• Get money out of your house for home improvements, college tuition, consolidating bills or a family emergency.
• 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
• Tax deductibility – The interest paid on a home equity loan is often tax deductible. Be sure to check with your tax advisor
regarding the deductibility of interest.
We can help you determine if refinancing makes sense for you and get you into the best loan for your situation. Just give us a call at 626.444.1972, Ext. 4104
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