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Loan Department
Second Mortgages-Need to finance something big? Your home can help.
Westmark offers two ideal options for financing home improvements, your child's education, or other large expenditures.
If you want a fixed rate loan, check out our Second Mortgage Loan option. If you are more interested in convenience and
don't mind a variable rate, check out our VISA Home Equity Line.
Both are secured by a Deed of Trust on your primary residence and the interest you pay is tax deductible in most cases
(consult your tax advisor for details).
Qualifying for a VISA Home Equity Line or Second Mortgage is based on your credit history and the equity in your home. You may qualify for a credit amount based on the equity in your home for up to 85% of the home evaluation, less your first mortgage.
This means that if the appraisal value of your home is $100,000 and your first mortgage balance is $50,000, you are eligible for up to a $35,000 advance on a Second Mortgage Loan, since 85% of your home's value is $85,000*.
For more information or to apply for a Second Mortgage Loan, just contact a Loan Officer at any branch.
*The actual loan amount and Loan-To-Value you qualify for may vary based on your credit and the amount of your first mortgage. All loans OAC.
This product offers:
A Fixed Annual Percentage Rate (APR).*
Terms up to 180 months.*
*Terms and amount financed determined by borrower's income and credit history.
No set-up, origination, or annual fees. You pay only third party fees, for the appraisal,
title policy, recording fees, or insurance monitoring fee (if required).
On loan requests below $75,000, the appraisal requirement may be substituted with our own
in-house evaluation, eliminating the cost of an appraisal. For loans under $50,000, the
title insurance may be waived in most cases.
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