Our Home Equity Loans (also known as a Second Mortgages) are primarily used for two purposes: (1) Borrowers with an existing first mortgage with a below-market rate will obtain a Home Equity Loan to take additional cash out of their home; or (2) Borrowers wishing to purchase or refinance a home with less than a 20% equity position will obtain a first mortgage and a second mortgage concurrently in what is known as a Piggy-Back transaction.
Advantages of our Home Equity Loan program include:
- Fixed interest rate for the life of the loan.
- 30-year or 15-year fully amortizing terms.
- No prepayment penalties.
Piggy-Back Transactions
When applied for as part of a Piggy-Back transaction, an 80% 1st Mortgage and a 10% 2nd Mortgage are closed concurrently, eliminating the need for Private Mortgage Insurance (PMI). The rate on the 1st Mortgage is the same as if you were to put 20% down.
Potential advantages of the Piggy-Back transaction include:
- A lower overall monthly housing expense.
- Reducing a jumbo loan amount to a conforming amount with a lower interest rate.
- Flexibility to accelerate repayment of the 2nd Mortgage.
You may apply for a Home Equity Loan online, 24/7. If you are applying for a stand-alone Home Equity Loan, select Equity Loan. If you are applying for a Piggy-Back transaction, select Purchase or Refinance and enter a loan amount up to 90% of the property value.
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30-Year Amortization | 90% Loan-to-Value
Loan Amount |
Rate |
Points |
APR |
$100,000 - $350,000 |
7.30% |
4 |
7.730% |
7.55% |
3 |
7.877% |
7.80% |
2 |
8.024% |
8.05% |
1 |
8.169% |
8.55% |
0 |
8.563% |
$50,000 - $99,999 |
7.35% |
4 |
7.812% |
7.60% |
3 |
7.960% |
7.85% |
2 |
8.106% |
8.10% |
1 |
8.251% |
8.60% |
0 |
8.644% |
$25,000 - $49,999 |
7.75% |
4 |
8.269% |
8.00% |
3 |
8.414% |
8.25% |
2 |
8.557% |
8.50% |
1 |
8.699% |
9.00% |
0 |
9.031% |
$10,000 - $24,999 |
8.35% |
4 |
8.984% |
8.60% |
3 |
9.125% |
8.85% |
2 |
9.264% |
9.10% |
1 |
9.401% |
9.60% |
0 |
9.790% |
90% Maximum Combined Loan to Value
Rates shown are for a 740 Minimum FICO Score
700-739: Add .30% to Rate * 680-699: Add 1% to Rate
Rebates: 1% Rebate Per .50% Rate Increase (Max 4% Rebate)
Not Avail in: AK, DE, HI, ID, IN, KS, LA, MI, NE, NJ,
NY, NV, PA, RI, TX, UT, VT, WY
APRs calculated on maximum loan amount and 30 year term.
Guaranteed Closing Costs | Program Guidelines |
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