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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 July 21, 2020	Average	High	Low
Home Equity Line Rates	4.79	5.92	3.49
Home Equity Loan Rates	5.83	7.74	4.45

 

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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