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 11/05/2019 |
Average |
High |
Low |
Home Equity Line Rates |
6.00 |
7.89 |
3.92 |
Home Equity Loan Rates |
5.64 |
9.75 |
3.25 |
In rate chart below click Refine Search and click Home Equity Loan - 5 Years, 10 Years, 15 years or more years in order to see traditional Second Mortgage Rates (scroll for long list of lenders). Considered the best chart for traditional second mortgages.