What Is a Second Mortgage? Pros, Risks, and How It Works
Reading Time: 3 minutesFor homeowners looking to unlock the value in their homes, a second mortgage can be a powerful financial tool. But
Discover how much equity is available in your home—and how you can use it to fund your next chapter.
Discover ways to access the cash in your house—apply now without impacting on your credit!
Keep making steady payments — equity grows over time. Let’s review your mortgage and see what’s possible.
Thinking about using your equity to invest? See how much you can borrow based on rental income and property expenses.
See how refinancing can lower your monthly payment or help you access cash. Compare options and find out how much you could save.
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Home equity represents the portion of your home that you truly own. It’s calculated as the difference between your home’s current market value and the amount you still owe on your mortgage. With each mortgage payment, you reduce your loan balance, thereby increasing your equity.
When you sell your home, the equity you’ve built up can serve as a down payment on your new home. You may also be able to access that equity by taking cash out. Two common ways to do this are:
• Cash-out refinance
• Home equity line of credit (HELOC)
However, lenders typically require you to retain a certain percentage of equity in your home.
Yes! You can access your home’s equity without refinancing by using a Home Equity Line of Credit (HELOC). A HELOC works like a revolving line of credit—allowing you to borrow what you need, when you need it, during a set draw period.
To qualify, you’ll typically need:
• At least $25,000 in available equity
• A minimum credit score of 640
• The ability to take on a second payment alongside your existing mortgage
Making your mortgage payments each month reduces your loan balance, which, in turn, increases your equity over time.
Paying a little extra toward your loan balance can increase your equity and shorten the length of your loan.
Upgrades and energy-efficient renovations can increase your home’s value, adding to your equity.
Reading Time: 3 minutesFor homeowners looking to unlock the value in their homes, a second mortgage can be a powerful financial tool. But
Reading Time: 2 minutesEver wondered if a home equity loan is the right move for you? You’re not alone. Many homeowners are exploring
Reading Time: 3 minutesManaging multiple debts can feel overwhelming, especially when you’re juggling high-interest credit cards, personal loans, or medical bills. A home
