What is a Second Mortgage?
A second mortgage allows you to utilize the equity in your home to pay for other expenses. If you have equity in your home, a second mortgage can be a great option for you to cover a big purchase or consolidate high-interest debt.
Second mortgages can be used for almost anything, and they are offered at a competitive fixed rate.
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What is a second Mortgage?
A second mortgage allows you to use your home - and the equity you have in it - for large purchases. It is a second lien against a property that already has a loan.
How does a second mortgage work?
A second mortgage is an additional lien on a property that already has a loan. A second mortgage allows you to leverage the equity in your home, allowing you to pay for other expenses.
Is a second mortgage or a Home Equity Line of Credit (HELOC) the right option for me?
Second mortgages and HELOCs both leverage the equity in your home to pay for other expenses, but there are key differences between the two. The best way to determine which option is best for you is to contact our real estate team at
405.606.1055 and an OKCU loan officer will be happy to help.
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Are second mortgage rates higher than primary mortgages?
Interest rates for second mortgages are typically higher than primary mortgage rates. However, second mortgage rates are usually much lower than credit card rates, so a second mortgage can be a great option to consolidate high-interest credit card debt.
What can I use a second mortgage for?
A second mortgage can be used for many things, including:
- Home repairs
- Home renovation
- Debt consolidation
- College debt
- Down payment for an additional property
- Wedding
- Vacation
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You have options. Learn more about what mortgage options are available and determine the right fit for you.
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