Second Mortgage Loan Benefits & Guidelines
The term “second mortgage” can be used to refer to home equity loans and home equity lines of credit (HELOCs). All of these loans are taken out on a property that already has a first mortgage.
Sample Payments
![second mortgage sample payments](/sites/default/files/inline-images/AMS-Website-Visuals-SecondMortgage-FINAL111523b.png)
Second Mortgage Guidelines
- Loan amounts from $25,000 to $350,000
- Terms of 15 or 30 years
- Up to 85% of your home's value (including the first mortgage balance)
- No prepayment penalty
- Low closing costs
- Quick approval and funding process
Not sure if a second mortgage is right for you?
Inquire today and we’ll connect you with a Military Mortgage Advisor who can help you explore your options. Or, give us a call at 844-422-3622.
Image
![Girl painting a wall in her house](/sites/default/files/styles/text_and_image_paragraph_image/public/2022-07/second-mortgage-photo_0.jpg?itok=hlREFM9e)
Today's Mortgage Rates
Disclaimer: these are sample rates and terms based on daily pricing that fluctuates and is subject to change and credit approval. Parameters: 720+ FICO, Single-Family Residence, $300,000 loan amount, State = NC, County = Wake, Discount Points range from 0.0% to 2.0% as shown above, Admin Fee = $1,149. For VA Home Loan, assume a 2.3% VA Funding Fee.