Skip to main content

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.

Home Equity Advantage Loan℠ for cash out

Equity is an asset, therefore it’s possible to use it as collateral and turn it into the money you need.

The Home Equity Advantage Loan℠ for cash out from AAFMAA Mortgage Services LLC (AMS) enables qualified homeowners to tap into their home equity.

If you have a low-interest rate on your first mortgage and need money for home improvements, debt consolidation, or other major expenditures or investments, you can get the money you need without having to refinance your first mortgage.

The Home Equity Advantage Loan (second mortgage) is not available in Minnesota, Oregon, Tennessee, and Texas.

Get Started

Sample Payments

second mortgage sample payments

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.

Girl painting a wall in her house

Today's Mortgage Rates

Get a Quick Quote

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 under the "Fees" column, Admin Fee = $1,149. For VA Home Loan, assume a 2.5% VA Funding Fee. For VA Cash-Out Refinance, assume the borrower is exempt from the VA Funding Fee.