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Second Mortgage Loans

At Parsons Federal Credit Union, we understand that buying a new home or even tapping into the equity of your current home is a big decision. That is why we like to offer our members flexibility in borrowing options. In addition to our standard Home Equity Line of Credit, we also offer this fixed-rate, home equity loan for those who want predictable, set payments. 

15-Year Fixed, Second Mortgage

An affordable home equity loan allows you to tap into the equity in your home and is ideal for a variety of needs, including debt consolidation and more. Here are some of its features and benefits:

  • Fixed as low as 3.00% APR*
  • No points
  • No prepayment penalties
  • Terms up to 15 years*
  • Borrow up to 90% of the appraised value of your home, less the First Trust Deed (minimum loan amount $10,000)

*APR = Annual Percentage Rate. Available for owner-occupied residences nationwide. All loans subject to approval. A $50,000 loan for a term of 15 years and 3.00% APR will have a monthly payment of $345.34. This estimate does not include amounts for taxes or mortgage insurance premiums, and as a result the actual payment may be higher. Rates quoted are for owner-occupied transactions secured by a single-family, 1-4 owner-occupied residence, or Second Home (Vacation). Borrower will be responsible for all closing costs. Other fees may apply depending on the loan amount and state of residence. Fees such as appraisal, title charges, flood certification, and tax service may apply.

For complete costs, terms and details, please contact a Parsons Federal Credit Union Loan Representative at (800) 765-4527.