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Second Mortgage Rates  & Typical Terms | 2nd Mortgage Rates Avg

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. A second mortgage is one type of a home equity loan with the main difference from a HELOC being that it has a fixed mortgage rate. The loan is a one-time lump sum. The rate offered takes into account any points and other lender fees. The rate used on this second mortgage is determined by a borrower's equity in their home and credit score and is usually a few percentage points higher than rates on first mortgages. The typical loan term usually ranges between 10 to 15 years. On a fixed second mortgage each monthly payment includes interest and reduces the principal balance. ERATE.com publishes current second mortgage rates each:

5 year Second Mortgage Rates

10 year Second Mortgage Rates

15 year Second Mortgage Rates

20 years Second Mortgage Rates

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

As of  Novemeber 27, 2023	Average
Home Equity Line Rates	10%
Home Equity Loan Rates	9.10%

 

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.

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Home Equity and Second Mortgage Frequently Asked Questions
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