Second Mortgages-Need to finance something big?
Your home can help.
Westmark offers two ideal options for financing home improvements, your child's education, or other large expenditures. If you want a fixed rate loan, check out our Second Mortgage Loan option. If you are more interested in convenience and don't mind a variable rate, check out our VISA Home Equity Line.
Both are secured by a Deed of Trust on your primary residence and the interest you pay is tax deductible in most cases (consult your tax advisor for details).
Qualifying for a Second Mortgage is based on your credit history and the equity in your home. You may qualify for a credit amount based on the equity in your home for up to 85% of the home evaluation, less your first mortgage.
This means that if the appraised value of your home is $100,000 and your first mortgage balance is $50,000, you are eligible for up to a $35,000 advance on a Second Mortgage Loan, since 85% of your home's value is $85,000*.
This product offers:
A Fixed Annual Percentage Rate (APR).**
Terms from 60 to 180 months.*
Westmark does NOT charge any origination, processing, or other fees! In most cases, the cost of the appraisal, title insurance, and other third party fees will be paid on your behalf by Westmark.***
For more information or to apply for a Second Mortgage Loan, just contact a Loan Officer at any branch.
*The actual loan amount and Loan-To-Value you qualify for may vary based on your credit and the amount of your first mortgage. All loans OAC.
**Maximum loan term available is based upon the amount you borrow. Contact a loan officer for more details.
***For loan amounts from $5,000 to $50,000, Westmark will pay for the appraisal fee, title insurance, and other third party fees associated with your loan, subject to your reimbursement to Westmark of these fees if you pay off your loan early (within 36 months). Third party fees on second mortgages exceeding $50,000 must be paid by the member. Contact a loan officer for more details.