Turn Your Home's Value into Cash
Lock in a low, fixed rate with a 2nd mortgage from Cyprus Credit Union. Get a lump sum and repay over time with set monthly payments. Use the funds for home improvements, major expenses, or debt consolidation.
Stable Rates, One–Time Payout
With a 2nd mortgage, you tap into your home’s available equity, leaving your primary mortgage intact while giving you access to funds you can use for just about anything.
- Allows homeowner to borrow against their home
- Money is loaned upfront in a one-time lump sum
- Lower fixed interest rate compared to other loans
- Borrow up to 100% of your home’s equity
- Repayment terms up to 20 years
- No fees
All second homes require an appraisal and are subject to third-party fees. Not all property types are eligible for these products. Please contact our loan advisors for a current list of ineligible property types.
Rates for Second Mortgage
| Mortgage Type | Term | APR as low as |
|---|---|---|
| Fixed Rate 2nd Mortgage | 10 years | 6.49% |
| Fixed Rate 2nd Mortgage | 20 years | 6.99% |
Meet Our Mortgage Team
More Mortgage Products for You
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Mortgage Refinancing
Convert your existing mortgage to secure better terms, lower your payment, or adjust your loan to fit your current goals.
Construction/Lot Loans
Get funding to move to a bigger space, secure the right plot of land, or start the remodel you've always wanted.
Second Mortgage FAQs
What is a second mortgage, and how does it work?
A second mortgage is a loan taken out that's secured by a property in addition to a primary mortgage. The funds can be used freely to finance home improvements, pay off debt, or fund large expenses.
What's the difference between a second mortgage and a HELOC?
A second mortgage typically provides a lump sum payment, while a HELOC gives you a revolving line of credit you can borrow from as needed.
How can I use funds from a second mortgage?
You can use the funds for just about anything, like home improvements, major expenses, or other financial needs.
Ready for a 2nd mortgage?
Work with our experienced mortgage team to explore your second mortgage options today. We're committed to securing you the lowest rates possible to lock in big savings.
Contact our team at 801-260-7605 or HomeEquity@CyprusCU.com.
