Your home could open new doors
Use the equity you’ve built for a one-time expense like a home renovation, an important milestone, or to pay off higher-interest debt.
Put your home’s equity to good use
Cover one-time expenses using the equity in your home with a fixed-rate second mortgage.
Major Life Expenses
Confidently access the funds you need for what matters most to you right now.
- Wedding or travel expenses
- Moving costs, furniture, or appliances
- College tuition or educational expenses
Home Renovations
Ready to update your home? Get one set loan amount to help cover the work.
- Fixed interest rate
- Predictable monthly payment
- Borrow up to 80% of your home’s value
Debt Consolidation
If you’re juggling several balances, a second mortgage may give you a more efficient way to pay them down.
- Combine multiple debts into one loan with a clear payoff timeline
- Pay off high-interest rate credit cards
- Reduce bills into one affordable monthly payment
Why choose Linden for your second mortgage?
Your home represents years of hard work. When you’re ready to use the equity you’ve built up in your home for something important, you deserve guidance from people who can find ways to help you meet today’s challenges and tomorrow’s goals.
- Get straight-forward guidance on what’s the right fit for your needs
- Borrow a set amount one time, at a fixed rate
- Learn how debt consolidation can give you room to breathe
The team was super helpful and courteous in guiding us through a family emergency. Even though we live overseas, they provided us with timely, personalized attention that we will be forever grateful for.
- Tom B
- Linden CU Member
Current Home Loan Rates
| Loan Type | Term | APR1 as low as | Loan to Value (LTV) |
|---|---|---|---|
| Fixed Rate Mortgage | 30 Year | 6.875% | Up to 85% |
| Fixed Rate Mortgage | 15 Year | 5.740% | Up to 85% |
| Fixed Rate Mortgage | 10 Year | 5.740% | Up to 85% |
| Home Equity Line of Credit (variable rate – changes quarterly to Prime Rate) | Line of Credit | Prime Rate | Up to 80% |
| Home Equity Second Mortgage | 5 Year Balloon | 5.99% | Up to 80% |
| Construction Loan | Up to 12 Months | 5.99% | Up to 85% of cost or 80% of appraised value, whichever is less |
| Land Loan | Up to 60 Month Balloon | 1% over Home Equity Loan Rate | Up to 80% |
| Lot Loan | Up to 60 Month Balloon | .50% over Home Equity Loan Rate | Up to 80% |
| FHA, VA, USDA Mortgages | Term Options Vary | Rates Change Daily | LTV Requirements Vary |
1APR = Annual Percentage Rate. Rate based on creditworthiness and term of loan. Rates are subject to change at any time and are not guaranteed.
Second mortgage questions, answered.
What is a second mortgage?
A second mortgage is a loan that lets you borrow against the equity you’ve built in your home while keeping your existing first mortgage. You receive a lump sum upfront and repay it with fixed monthly payments over a set term.
How is a second mortgage or home equity loan different from a HELOC?
A second mortgage provides one amount upfront with a set repayment schedule. A HELOC is a reusable line of credit that lets you borrow as needed, generally with a variable rate. Both use your home as collateral, but they can work better for different types of expenses.
What can I use a second mortgage for?
Many homeowners use a second mortgage for expenses for home improvements or renovations and debt consolidation. A second mortgage could be helpful for many other purposes, such as educational costs, major purchases, medical bills, or significant life events.
Do I have to refinance my first mortgage?
No. A second mortgage allows you to keep your current first mortgage while borrowing against your available home equity.
Is my home used as collateral with a second mortgage?
Yes. Because your home secures the second mortgage loan, it’s important to make payments on time.
Wherever you’re starting, we’ll start there with you.
