Many homeowners are sitting on significant equity in their homes. While it’s tempting to refinance and cash out for purposes like home improvements, bill consolidation, college tuition, or investments, refinancing may not be the best option—especially if your first mortgage has a low interest rate.
A second mortgage could be the ideal solution. With a second mortgage, your existing first mortgage remains untouched, while you access the cash you need. Homeowners can choose between two main types of second mortgages:
- HELOC (Home Equity Line of Credit): A flexible, revolving line of credit based on your home’s equity.
- Fixed-Rate Second Mortgage: A loan with predictable payments and amortization options ranging from 5 to 30 years, tailored to your budget.
At Indigo Mortgage, we’ll evaluate your financial needs and help you determine the best second mortgage option. With access to a variety of lenders offering competitive HELOCs and fixed-rate second mortgages, we’re committed to finding the right fit for you.
Call Indigo Mortgage today to learn more and take the first step toward unlocking your home’s potential. We’ve helped New Mexico homeowners since 2003!