Second Mortgage Loans

A second mortgage is a valuable financial tool that allows homeowners to access the equity they’ve built in their property while keeping their original mortgage intact. Unlike refinancing your primary mortgage, a second mortgage provides additional funds through a separate loan that uses your home as collateral. This financing option is ideal for homeowners who want to tap into their home’s equity for major expenses such as home improvements, debt consolidation, educational costs, or other significant financial needs. Second mortgages typically offer more competitive interest rates than personal loans or credit cards because your home secures the loan, making it a lower-risk option for lenders.

At True Sky Credit Union, we understand that every member’s financial situation is unique, which is why our second mortgage loans are designed with flexibility and affordability in mind. Our experienced loan officers work closely with you to determine the best loan structure for your specific needs, whether you prefer a traditional second mortgage with fixed monthly payments or a home equity line of credit (HELOC) that provides revolving access to funds. We offer competitive rates, no application fees, and no annual fees, ensuring that accessing your home’s equity remains cost-effective. Additionally, interest is charged only when you use the funds, giving you greater control over your borrowing costs. For loans above an 80% loan-to-value ratio, mortgage insurance may be required, but our team will guide you through all requirements and options

APR = Annual Percentage Rate. Credit restrictions apply. Rates and terms are subject to change at anytime. Rates can be locked only after your completed loan application is received. This information is not a commitment to make a loan, nor is it a guarantee that you will receive a specific rate if approved.  An annual percentage rate (APR) is a broader measure of the cost to you of borrowing money. The APR reflects not only the interest rate but also the points, mortgage fees, and other charges that you have to pay to get the loan. For that reason, your APR is usually higher than your interest rate.  Loans above 80% Loan-To-Value ratio may require mortgage insurance.

Credit criteria apply. Rates are subject to change at any time, and payment will vary based on the loan amount. Credit Union membership required with a minimum $5.00 share account. No application fee. No annual fee. No interest is charged until you use the funds

In the market for a new home, build your dream home,
or simply refinance your existing mortgage?
If you would like to apply, click below to get started.

2nd Mortgage

From True Sky Federal Credit Union