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Second Mortgage Loans

Home Equity Line of Credit – HELOC
A Home-Equity Line of Credit (HELOC) allows home-owners to borrow cash to spend as they like, using their home-equity as collateral. HELOCs function as a second mortgage, with the borrower withdrawing and repaying funds on a more flexible schedule. Unlike traditional first or second mortgages, a HELOC interest rate is not fixed; the rate varies from month to month with the prime rate. As with all loans based on the value of the home, if the borrower can't make his payments, the lender may foreclose on his home.

Fixed Rate Second Mortgage - Ten-Year Maximum Term
This loan is fully amortized over the term of the loan and features constant monthly payments. The term can be from 1 to 10 years, the choice is up to you. It offers the security of a monthly payment that doesn't change. Fixed rate loans are one of the most popular loan options today. Choose this fixed rate loan if you're comfortable with a higher payment.

Hybrid ARM (3/1 ARM, 5/1 ARM)
These increasingly popular ARMS—also called 3/1 or 5/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

Adjustable Rate Mortgages (ARM)
When it comes to ARMs there's a basic rule to remember...the longer you ask the lender to charge you a specific rate, the more expensive the loan.
 

CITIZENS BANK
301 NORTH ROCHESTER STREET, MUKWONAGO, WI  53149
Direct:  (262) 363-6500
info@citizenbank.com
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