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.