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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Fixed Rate Second Mortgages

30-Year Amortization