Credit Union Second Mortgage Rates and Loan Options Compared

Credit unions often offer more competitive second mortgage rates compared to traditional lenders. Some credit unions may have rates as low as 4.5% APR.

One credit union, for example, offers a second mortgage with a 5-year term at 5.25% APR. Another credit union offers a 10-year term at 6.5% APR.

Credit unions may also offer more flexible loan options, such as lines of credit or home equity loans. These options can provide borrowers with more control over their finances.

Some credit unions require a minimum loan amount, such as $10,000, while others may have no minimum loan requirement.

If you're considering taking out a second mortgage from Space Coast Credit Union, you'll need to gather some specific information, including your current residence address for the past two years, Social Security numbers for all borrowers, and income information for each borrower.

Space Coast Credit Union can provide Home Equity Loans (Fixed 2nd Mortgage) or HELOCs, but only for properties located within the state of Florida. They can also help you refinance your current first or second mortgage.

You can choose between a Fixed-Rate Home Equity Loan or a Home Equity Line of Credit (HELOC). If you opt for a Fixed-Rate Home Equity Loan, you can borrow between $10,000 and $500,000 with a maximum loan-to-value of 80%. The interest rate for a 10-year term is 7.750%, while a 15-year term has an interest rate of 7.990%.

A HELOC, on the other hand, allows you to withdraw funds as needed up to a specified percentage of your home's equity. There's no annual fee, and no closing costs on HELOCs up to $250,000. The interest rate adjusts quarterly and is based on the Prime Rate.

Here are some key details about Space Coast Credit Union's second mortgage loan options:

Space Coast Credit Union offers a variety of loan options for homeowners. They can provide a fixed-rate home equity loan or a Home Equity Line of Credit (HELOC), but only for properties located within the state of Florida.

To determine how much you can borrow, consider the equity in your home. This is calculated by subtracting the outstanding balance on your first mortgage from the current value of your home. Space Coast Credit Union allows you to borrow up to 80% of the value of your primary home, investment, and vacation properties.

You can borrow between $10,000 and $500,000 with a fixed-rate home equity loan. The loan term can be 10, 15, or 20 years, and the interest rate varies depending on the term. For example, a 10-year loan has an interest rate of 7.750%, while a 20-year loan has an interest rate of 8.125%.

Here are the details of the fixed-rate home equity loan options available from Space Coast Credit Union:

When shopping for a credit union second mortgage, it's essential to compare rates and terms to find the best deal.

A 5-year fixed rate second mortgage at a credit union can have an interest rate as low as 5.25%.

Credit union second mortgages often come with lower rates than traditional lenders, with some rates starting at 4.75%.

The loan term for a credit union second mortgage can range from 5 to 20 years, giving you flexibility in your repayment plan.

A 10-year fixed rate second mortgage at a credit union can have an interest rate as high as 7.5%.

Some credit unions offer variable rate second mortgages, which can have interest rates that adjust with market conditions.

A variable rate second mortgage can save you money on interest, but it also means you may end up paying more in the long run.

Borrowing limits for a fixed-rate home equity loan are determined by how much you owe on your first mortgage and the current value of your home. You can borrow up to 80% of the value of your primary home, investment, and vacation properties.

Lenders consider the percentage of equity you can borrow, which can vary. At Space Coast Credit Union, they allow up to 80% of the value of your home to be borrowed.

A fixed-rate loan is a type of loan that offers stability and predictability in your monthly payments. You'll always know exactly how much you'll be paying each month.

Fixed-rate loans are available for borrowing amounts ranging from $10,000 to $500,000. This can be a significant amount of money to tap into, especially if you're looking to finance a large home improvement project.

The loan term for a fixed-rate loan can vary, with options ranging from 10 to 20 years. This means you can choose the repayment period that works best for your financial situation.

The interest rate on a fixed-rate loan is fixed, meaning it won't change over the life of the loan. This can be beneficial if you're concerned about rising interest rates.

For example, a 10-year fixed-rate loan has an interest rate of 7.75% APR, while a 15-year fixed-rate loan has an interest rate of 7.99% APR. A 20-year fixed-rate loan has an interest rate of 8.13% APR.

Here are some key details about fixed-rate loans:

You can save on interest and fees with low closing costs. One way to do this is by opting for a HELOC with no closing costs on amounts up to $250,000.

This feature can be a huge advantage for those who need to tap into their home's equity. For example, a Home Equity Line of Credit (HELOC) has no closing costs on amounts up to $250,000.

This is a significant perk, especially for homeowners who want to avoid upfront costs. The specifics of this offer are outlined in the HELOC details.

Here are some key features of a HELOC with low closing costs:

An adjustable-rate Home Equity Loan is a type of loan that allows you to borrow a lump sum up to a specified percentage of the equity in your home.

The loan term for an adjustable-rate Home Equity Loan is limited to 15 years.

You won't have to pay closing costs with this type of loan.

The interest rate on this loan will adjust annually based on the loan origination date.

The index for this loan is based on the weekly average yield of 1-year Treasury Constant Maturity (TCM).

The margin for this loan is 3.00%.

Here are the caps on the annual and lifetime interest rate increases: 2% annual and 5% lifetime cap above the initial interest rate.

The maximum loan amount for an adjustable-rate Home Equity Loan is $750,000.

This type of loan is available for 1-4 unit primary residences.