Second Mortgage Fixed Rate

Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.

Rate is fixed. The payment on a $203,500, 30-year fixed rate loan at 4.375% and 76.22% loan-to-value (LTV) is $1148.38 with 1.875 Points due at closing. Payment includes a one time upfront mortgage insurance premium (MIP) at 1.75% of the base loan amount and a monthly MIP calculated at 0.80% of the base loan amount.

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For more information contact a Mortgage Representative for full details on the rates, terms, fees and conditions that may apply. Certain states may not be eligible. For an owner-occupied fixed rate second mortgage with LTV of 80% or less, the maximum term is 20 years. If the LTV is greater than 80%, the maximum term is 10 years.

 · Home equity loans are second mortgages that usually come with fixed interest rates, although some have variable rates. When you take out a home equity loan, you get the entire loan amount at once. A home equity line of credit (HELOC), on the other hand, works more like a credit card.

Home equity loan: A home equity loan is a one-time lump sum that is repaid at a fixed interest rate. These loans are usually 15- to 30-year loans and are similar to a conventional purchase mortgage.

What Happens When You Refinance Your Home When (and when not) to refinance your mortgage. Refinancing a mortgage means paying off an existing loan and replacing it with a new one. There are many reasons why homeowners refinance: the opportunity to obtain a lower interest rate; the chance to shorten the term of their mortgage; the desire to convert from an adjustable-rate mortgage (ARM).

A traditional second mortgage has a fixed rate of interest with equal monthly payments applied over the life of the loan. The rate of interest is determined by a .

A fee may apply when relocking fixed rate portions. *consult your tax advisor concerning interest deductibility. Second Mortgage Loan. We offer fixed and.

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Fixed Rate 2nd Mortgage. Second mortgages are lump sum loans with fixed interest rates and fixed payment terms. With each monthly payment, you are paying down both the principal and the interest. A home equity loan makes the most sense for those who need access to cash in a lump sum and are using the money for long-term purposes,

A Home Equity Loan from Altra Federal Credit Union might be the right choice if you have a one-time need for funds and want the security of a fixed rate.