Second Mortgage

Finance Your Dreams With A Second Mortgage Loan

Don't be afraid to dream big! Get the money you need to take on big projects, make major purchases, or pay off debt. A home equity loan is a simple and affordable way to achieve your goals and add value to your home.

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Why Is This The Best Loan For Me?

Beach Municipal FCU's Second Mortgage features:

  • Low, fixed interest rates.
  • Terms up to 15 years.
  • Borrow up to 90% of your home's value.
  • Additional discount of 1/2% APR1 when you have at least 20% equity in your home. 
  • No closing costs!*

Second Mortgage Benefits

A Second Mortgage offers many potential benefits:

  • Access to larger amounts of money than what is available with other loan types.
  • Lower interest rates than what's offered on most unsecured loans or credit cards.
  • Interest may be tax deductible when you use the funds for home improvements.
  • No restrictions on how you spend the money.

What is a Second Mortgage?

A Second Mortgage, also known as a Home Equity Loan, allows you to convert your home’s equity into cash. Home equity is the difference between what your home is worth and how much is still owed on your mortgage. Over time, as your home’s value increases and you pay down the principal on the mortgage, your equity grows.

You can borrow against the equity and repay the loan on a schedule that fits your needs. Regular payments and a fixed interest rate make budgeting simple.

Common uses for Second Mortgages

Second Mortgages are popular because you have the freedom to spend the money on anything you choose!

  • Increase the value of your home through repairs and remodeling. 
  • Pay for your child's education.
  • Use as a down payment for a second home or investment property.
  • Pay off credit cards or other high-interest debt.
  • Special events, like a wedding.
Second Mortgage Rates

Second Mortgage Rates
Effective Date: May 1, 2024
TermMaximum LTVAnnual Percentage Rate
0-60 months up to 90% 5.50% - 8.00%
61-120 months up to 90% 6.25% - 8.75%
121 - 180 months up to 90% 7.00% - 9.50%

Rates apply to owner-occupied property only. For investment or unimproved property rates and terms, or for LTVs above 90%, please contact the Mortgage Department.

LTV = Loan To Value.
APR = Annual Percentage Rate.

Rates are accurate as of the effective date above and are subject to change without notice. Fees and closing costs may be incurred. Fee amounts based on appraisals, loan amount, flood certifications, title insurance and other determining factors. Rates may vary based on credit score, loan term and amount and collateral conditions (LTV). Please contact the Mortgage Department for complete details. Maximum APR is 18.00%. Minimum APR not to go below our current floor rate.  

*The Credit Union pays all closing costs except for the appraisal fee. Reimbursement of all closing costs required if the loan is paid off in full within two years of funding. 

Second Mortgage Payment Examples

up to 80% LTV with a base loan amount of $50,000
Term Average Rate Payment
60 months 6.00% $967.02
61 months 6.75% $971.03
120 months 6.75% $574.44
121 months 7.50% $590.57
180 months 7.50% $463.83
up to 90% LTV with a base loan amount of $50,000
Term Average Rate Payment
60 months 6.50% $978.72
61 months 7.25% $982.88
120 months 7.25% $587.35
121 months 8.00% $603.76
180 months 8.00% $478.18


1APR=Annual Percentage Rate. All loans are subject to approval. Some restrictions may apply. Please see a Loan Officer for details.