Second Mortgage Loans
Members use the equity in their home to purchase cars, consolidate, and purchase furniture and other needs. The equity is the appraised value times 80% minus your first mortgage. If your equity is less than 20% see "Other Home Loans."
The steps to process the loans are as follows:
- Call Postal Family Credit Union to discuss the loan and take your application.
- We'll send you a Good Faith Estimate (to be signed and returned) and the Consumer handbook.
- A title search of the property, flood search and a mortgage will be prepared. An appraiser will contact you to set up your appraisal.
- When the documents listed in step three are returned to Postal Family Credit Union, if everything is in order, Postal Family Credit Union will set up a closing date.
- At closing we will need a copy of your insurance policy, a recent paycheck stub and all parties involved in the mortgage.
Click here for rates on Second Mortgage Loans.