Home Equity Line of Credit

Top three benefits of financing your HELOC with The Southern:

• No origination fees or prepayment penalties
• Available for primary residences and second homes

Call us today for details or click the link below to apply.

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Our Second Mortgage Loan Options Include:

We have other Mortgage Options

First MORTGAGEs Land, USDA & VA

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Financial Calculators

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Calculators

Mortgage Icon Close end Fixed RateClosed-end Fixed Rate Second*

A closed-end fixed rate second mortgage offers a fixed rate loan, using the equity in your home that can provide debt relief, fund home improvements, or help with college tuition.

Features:

  • 5, 10, 15 year terms
  • Available for primary residences and second homes
  • Fixed rate for the life of the loan
  • No prepayment penalty
  • No origination fees
  • Up to $650 lender credit toward closing costs (can not be applied towards appraisal fee) 

Great If:

  • You prefer a fixed rate payment and term
  • You need funds for home renovations
  • You are looking to restructure debt for better monthly cash flow

Mortgage Icon HELOCHome Equity Line of Credit (HELOC)*

A Home Equity Line of Credit (HELOC) is a revolving source of funds secured by the equity in your home. You can access the funds as you need them until you reach your limit.

Features:

  • 10 year draw/10 year payback for a total of 20 years
  • Available for primary residences and second homes
  • No annual fee
  • No prepayment penalty
  • No origination fees
  • Up to $650 lender credit toward closing costs (can not be applied towards appraisal fee)

Things to Consider:

  • Easy access to your money
  • Added level of financial security
  • Variable rates means your payment could fluctuate

Mortgage Icon Purchase Money SecondPurchase Money Second*

Purchase money second mortgages are loans issued along with a first mortgage when buyers need additional funds for a down payment. A common example is: The first mortgage covers 80% of the home value and the purchase money second mortgage covers 10% – meaning you have a down payment of only 10%.

Features:

  • 5, 10, and 15 year terms
  • Available for primary and secondary residences
  • Fixed rate
  • No prepayment penalty
  • No origination fees
  • Up to $650 lender credit toward closing costs (can not be applied towards appraisal fee)

Benefits:

  • If first mortgage is over 80% loan to value PMI is required, this option allows the borrower to avoid paying private mortgage insurance (PMI)
  • Reduces down payment requirement

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 * Products and pricing are subject to change at any time without notice.