SECOND MORTGAGE PROGRAMS:

A Line of Credit or a Home Equity Loan
A home equity line of credit is a revolving credit account secured by the equity in your home. It has a variable interest rate, based on the prime rate as published in the Wall Street Journal. There is a draw period of usually 10 to 15 years. During the draw period, you have the option of making interest only payments, or fully amortized payments. At the end of the draw period, the loan converts to a fully amortized term for the remainder of the balance.
A home equity loan is a fixed rate, fully amortized second mortgage, with fixed monthly payments throughout the term of the loan.

What Is The Credit Limit?
The minimum loan amount is $15,000. Based on your available equity, you can receive a loan amount as high as $100,000. A home equity line of credit is available up to 125% of the property value. NO EQUITY IS REQUIRED!

What Type of Property?
Loans are available for owner-occupied single family homes, condominiums and townhouses. Ineligible property types include mobile homes, agricultural properties, co-ops, time-shares, and rentals.

Is The Interest Tax Deductible?
Because the loan is secured by your primary home, the interest may be tax deductible up to $100,000. Consult with your tax advisor.