These loans may be sold on the secondary market, however, all payments are serviced through our bank. Our mortgage calculators will help you the amount of mortgage you qualify for and payment amounts. Second Mortgages Second mortgages and Home Equity loans are additional borrowing over the amount of the first mortgage and are normally used for vehicle purchases, home improvements, etc. These loans are made based on the equity in the borrower's residence. Equity is the difference between the amount borrowed against the residence and the value of the residence.
Interest paid is normally deductible for personal income tax purposes.
Check with your tax advisor to determine deductibility. A Home Equity Line of Credit allows you to borrow and repay on a revolving basis against the equity in your home. Interest is tied to Prime Rate and adjusts annually. Monthly interest payments are required. Use our Home Equity Borrowing calculator to determine the borrowing power of your home equity.