Second Mortgages: Leverage Your Equity
You’ve invested wisely in your home, now let Deseret First help you leverage your equity with a no-cost second mortgage.
Current Rates
5-Year 2nd Mortgage
10-Year 2nd Mortgage
6-Year Balloon
(15-year amortization)
6-Year Balloon
(30-year amortization)
What is a second mortgage?
A second mortgage is a separate loan that lets you borrow against the equity you've built in your home while keeping your current mortgage in place. It can be used for home improvements, debt consolidation, unexpected expenses, or other major financial needs.
Key Takeaways
Second Mortgage Features
5 and 10-year fixed payment options
6-year balloon options
Payments calculated over 15 or 30 years
No Private Mortgage Insurance (PMI)
Lending available in most states
If you need details or have questions about availability in your area, call us at 801-456-7590. Additionally you may visit any our branch locations.
Piggyback Loans
What is a piggyback loan?
A piggyback loan is a second mortgage done at the same time as a first mortgage, essentially piggybacking on the first mortgage. DFCU offers these “piggyback” second mortgages for both purchasing or refinancing your home.
Why should I consider a piggyback loan?
Homebuyers often use piggyback loans to avoid private mortgage insurance (PMI) costs. It can make up the difference and save you money.
Do More With Your Home Investment
No-Cost Second Mortgages are a great option. Open a second mortgage today without paying closing fees (as long as the loan stays open for at least 3 years.*)
Become a Member Today
Church members and immediate family members can join the credit union.
Your individual rate may be higher based upon your creditworthiness. Property insurance is required. Terms and conditions apply. Membership and eligibility required. On approved credit (OAC). Equal Housing Opportunity.
*Second Mortgage offer covers all closing fees except appraisal or Automated Valuation Model (AVM) fees, which must be paid upfront by the borrower. If the loan is paid off within three years from opening, borrowers must reimburse Deseret First Credit Union for the closing fees paid. Fees will be detailed on your Closing Disclosure under “Paid by Others.” Contact a loan officer for details.