1. One is a conventional installment loans with a set amount borrowed for a specified period of time. The maximum term is 15 years. Mortgage Calculator
2. The other is a revolving second mortgage line of credit (often referred to as a "Home Equity Line of Credit"). The revolving feature means that money can be borrowed, repaid and borrowed again up to the approved limit. The revolving feature is available for the first five years of the loan, at which time the loan can be renewed as a line of credit or go into a scheduled payout just like an installment loan. The maximum term of the payout period may be from five to 15 years depending on the principal balance.

Conventional installment second mortgage loans are available up to 80% LTV.

The maximum amount available on Home Equity Lines of Credit is 80% LTV.

Amounts available on second mortgage loans is the LTV percentage amount of the estimated value of the property, less the amount of any first mortgage. Only the principal residence of the borrower may be used for a second mortgage. Second mortgages are not available on rental properties or second homes.

Real estate loan applications are not available on line.
Please call 800-323-2786 or 402-431-5180 for information.

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