Second Mortgage

Sometimes it makes sense to put a second mortgage on your home. If providing your strongest form of collateral gets you a better rate on your borrowings, then it might make a lot of sense to combine debts, credit cards, home renovations, bank loans all in one and get a better interest rate for doing so.

A Lending specialist at KCCU will guide you through the cost-benefit analysis and provide you with complete disclosure so you can make an informed choice. Saving money by combining higher interest rate credit all under one roof has several benefits:

With a longer amortization you can improve your cash flow (but you pay more interest the longer you finance over). With a higher payment and a shorter amortization, you pay off your mortgage sooner. Don't forget to ask your lender about mortgage insurance to protect the ones you love against death, disability, critical illness or loss of employment.

Save money by increasing the frequency of your payments. Bi-weekly payments can reduce a 25 year amortization to less than 18 years by splitting your monthly payment in half and paying it every 14 days.

If your pay periods are weekly, bi-weekly, semi-monthly or monthly we can accommodate having your payment made automatically with an auto-transfer, by direct deposit or via pre-authorized debit. Talk to us about simple payroll direct deposit solutions and save a trip to the branch every payday!