With a second mortgage loan, you can take advantage of the equity in your home to pay for a large, one-time expense such as a home improvement project or debt consolidation in Maryland and beyond.
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A Home Equity Line of Credit allows you to borrow money for up to 10 years from the equity you have in your home any time you need it. Plus, you'll have up to 15 years to repay the loan balance.
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What our members say about us
I'd like to express my gratitude for the great member service I received during the Home Equity Loan process. The patience, endurance and positive attitude from the Mortgage Loan Processor paved a way for us to make home improvements we were not able to do for years. The equity was in our home, but we needed the help of the Credit Union to access it.
- Beatrice C.
Frequently Asked Questions
You may mail your loan payment, pay online by transferring funds from a checking/savings account (please note that you must be set up for Digital Banking), or you may pay in person at any of our branch offices. In addition, you may set up a debit from another bank account or create a distribution from a direct deposit or payroll deduction.
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1 Rates as low as 5.25% APR (Annual Percentage Rate) available on Second Mortgage loans financed for a maximum term of 60 months. Other loan rates and terms are available. Rates are subject to change without notice. Applications are subject to credit qualifications and approval. Actual rate is based on your credit history. Monthly payment example: on a $50,000 loan financed for 60 months at a 5.25% APR would be $949.30. All applicants must meet membership eligibility requirements.
2 Closing costs on second mortgages and home equity lines of credit (HELOC) will be paid by the Credit Union. The closing costs will be recouped by the Credit Union if the loan is paid off and closed within three years. Closing costs vary and will depend on the location of the property and the amount of the loan. Closing costs typically range between $500 and $2,000. Property insurance is, and flood insurance may be, required. This offer is subject to change without notice. Other restrictions may apply.