Closed-End Second Mortgages
A fixed second mortgage that provides a lump sum for home improvements, debt consolidation, or other needs.
A Closed-End Second Mortgage is a fixed loan that allows homeowners to borrow a lump sum based on their home equity. These loans are commonly used for home improvements, debt consolidation, or large expenses. Unlike a HELOC, a closed-end second mortgage provides a one-time payout with fixed monthly payments and interest rates. These loans offer predictable repayment terms and do not require refinancing the primary mortgage.