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Royal Banks of Missouri’s second mortgage program is designed to fit your specific lending needs. Learn more about second mortgage terms, rates and expenses before you apply by reviewing the second mortgage information below.
Home Equity Credit Line
Using a credit line to borrow against the equity in your home has become a popular source of consumer credit due to its tax advantages and the home owners’ ability to acquire large amounts of cash at relatively low interest rates. The funds that you receive from a home equity credit line can be used to fund anything from home improvements to a child's school tuition. Home equity credit lines may be risky since the lender will require the homeowner’s property as collateral for the loan.
Second Mortgage Terms
Second mortgage terms are modified from time to time to reflect current market conditions and interest rates. Check with your Royal Banks of Missouri Mortgage representative to find out our current Home Equity Credit Line terms and conditions.
The Expense of a Second Mortgage
When you take out a Home Equity Line of Credit with Royal Banks of Missouri, you will not be required to pay any closing costs or fees. If you decide to pay off and close your Line of Credit within the first 24 months, Royal Banks of Missouri will require you to pay the original costs for your appraisal, title work and recording. If you keep the Line of Credit open for at least 24 months, there is no cost to you.
Determine Your Monthly Payment
It is the homeowners responsibility to determine monthly payments before taking out a second mortgage or equity line of credit. Mortgage lenders will help calculate your monthly payments, but remember that your precise monthly payment on a home equity credit line will vary month-to-month.
Contact Royal Banks of Missouri to discuss your best second mortgage loan options by calling (314) 878-7272. |
