Second Mortgage Home Loan Options

Do you need some extra cash for life's little necessities? If you are a homeowner there are a number of easy and affordable ways to explore accessing a source of funds that may already be at your fingertips. With a second mortgage - a home equity loan or a home equity line of credit from Countrywide Bank's Full Spectrum Lending Division - you may be able to get the cash to pay for home renovations or anything else you may need.

A second mortgage allows you to borrow against the equity you've built in your home. You can use funds from your second mortgage for just about anything, such as consolidating your debt, purchasing a second home or paying for your children's college tuition.

Options:

Home Equity Loan - This can also be called a fixed rate second mortgage. It gives you a set amount up front with a fixed monthly payment schedule.

Home Equity Line of Credit (HELOC) - Similar to a credit card, this is a line of credit that allows you to borrow any amount at your convenience, up to a fixed limit. Once you have repaid what you have withdrawn you can borrow it again during a specific period of time. With a HELOC, you have additional flexibility for accessing cash when you need it.

Loan Program	Reasons to Choose	Key Feature
Home Equity Loan	You want the entire loan balance at once and a fixed rate.	Principal and interest payment remains the same over the life of the loan.
Home Equity Line of Credit	You want to be able to borrow money as you need it - up to the credit limit.	Low start rate, then variable monthly rate based on outstanding balance.
Combining Home Equity Loans or Lines of Credit With First Mortgages	You want to: Use it for a down payment Avoid paying mortgage insurance Avoid jumbo (non - conforming) home loan pricing	Can provide additional tax advantages (ask your tax advisor) and is available on most loan programs.
Super Streamline Home Equity Line of Credit	You recently took out a home loan with Countrywide and may want to: Consolidate credit cards Decorate your new home Prepare for future needs	Same Home Equity Line of Credit benefits. Skip most of the paperwork and have the cash as you need in no time at all if your job and financial situation haven't changed significantly since we closed your recent loan. Some restrictions apply.

Learn more about home equity loans.

Which second mortgage option is right for you?

If you want to tap into your home equity to get the cash you need, Countrywide's Full Spectrum Lending Division has a wide range of options, and the expertise to help you make an informed decision. You can use our Online Loan Advisor to explore what type of second mortgage loan would be best for you. Or, call us today at 1-800-909-8217 to find out more about the home equity loan and HELOC options we offer. Even if you're challenged by debt or a less-than-perfect credit history, we're eager to make the benefits of a second mortgage loan available to qualified borrowers to help put their financial difficulties behind them!