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 a 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
Equal Housing Lender
Experience Smart Banking – Call 303.239.1150 or 800.279.3288 today