A Second Mortgage loan is a loan secured by the equity in your home.  Equity is the difference between the "value" of the home and the "balance" of the existing mortgage on the property.  Equity is fast becoming one of the most valuable assets in this country.  Homeowners can borrow against the equity for a variety of reasons and benefits.  For a Free Rate Consultation, click here.

How Much Equity Do I Have?
Equity is the difference between your home's appraised value and your outstanding mortgage balance.  If you have equity in your home, borrowing against it might be a very effective way to get some things you need at a good price.  This money can be used to pay for things such as: home improvements, medical bills, college tuition, and even extra spending cash.

Here is a formula to help you calculate the home equity you have available to you! 

Take		Your home's appraised value
Subtract	-	Your outstanding mortgage balance
Result	=	Maximum Available Home Equity

Now that you know the amount of equity you have available in your home, contact Solidarity to unlock that equity.  For a Free Rate Consultation, click here.

Three Types of Home Equity Loans
Solidarity has three types of home equity loans: a standard Home Equity Loan, a Home Equity Line of Credit or the Select Equity Card.  All three types of home equity loans have no closing costs and we will lend up to 90% of the value.  Choosing between the three is simple; that is if you know how you're going to use the funds.  Current Rates.

Home Equity Loan
A closed-end home equity loan, or term loan, is provided to you as a one-time lump sum that is paid off over a set period of time, with a fixed interest rate and equal payments each month.

Home Equity Line of Credit
A HELOC works like a credit card.  You are allowed to borrow up to a certain amount over the life of the loan.  During that time, you can withdraw money, as you need it.  As you pay off the principal, your credit revolves and you can use it again.  This gives you more flexibility than a fixed-rate home equity loan.  The rate is indexed and will change:  prime rate minus 1¼%.

Select Equity Card
Select Equity gives you unmatched convenience and flexibility to spend the funds on whatever and where you wish - it's just like having a VISA card if you don't use it, you don't pay for it.  But it's there when you need it.

For unbiased financial advice on the cost and benefits of home equity loans, click here.