HELOC FAQs
Home Equity Lines/Loans

Second Mortgage aka Home Equity Loan, 2nd Mortgage

What are the typical terms of a traditional second mortgage?

A traditional second mortgage has a fixed rate of interest with equal monthly payments applied over the life of the loan. The rate of interest is determined by a borrower's equity and credit and is usually a few percentage points higher than rates on first mortgages. The typical loan term typically ranges between 10 to 15 years.

Top 50 National Rates - Top 50 U.S. bank and thrift holding companies by assets.

As of 8/16/2019

Average

High

Low

Home Equity Line Rates

6.59

7.63

5.50

Home Equity Loan Rates

5.83

7.74

4.54

 

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Home Equity and Second Mortgage Frequently Asked Questions
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