Did you know, your home has the ability to provide cash assistance?
Need Additional Cash? – A Second Mortgage May be the Answer
Your home is one of the best resources you have to obtain cash for whatever life throws your way. A second mortgage may be the product you need to accomplish your goals.
A Second Mortgage is an installment loan product. That means you borrow a dollar amount, make fixed monthly payments for a pre-determined number of months and you receive the funds in one lump sum. You may choose to use it all at once, like for a car, or put it in a savings account to use at your leisure. Whether you use it or not, the payments will still need to be made monthly. This option is different from using the equity in your home as a line of credit as it has a set loan balance and payment amount, where the line of credit may vary each month.
This makes the second mortgage product much easier to use in a set budget.
Here is a quick snapshot of the features of a second mortgage.
- Fixed Rate & Term
- $0 Closing Costs, in most cases (an appraisal may be required at members expense)
- Up to 80%, 90% and 100% LTV available
- Loan terms available up to 20 years
- NO pre-payment penalties
- Payments include principal and interest only
To speak to a loan specialist, please call 303.202.5659 or 800.489.7852. | Credit Union of Denver NMLS#417000
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Experience Smart Banking – Call 303.239.1150 or 800.279.3288 today