Your home equity is one of your most powerful financial assets. Put it to work — consolidate debt, renovate, or fund major goals without touching your savings.
A second mortgage is a type of home loan that allows homeowners to borrow against the equity they've built up in their property. Unlike a primary mortgage, a second mortgage is a separate loan taken in addition to the first — using your home as collateral.
The amount you can borrow is typically based on how much equity you have. Most lenders allow borrowing up to 80–90% of your home's combined loan-to-value (CLTV), minus your existing mortgage balance. This can translate to significant cash depending on your home's current value.
Second mortgages are commonly used for home renovations, debt consolidation, college tuition, medical bills, or any major expense where a lower-rate loan beats credit cards or personal loans. Stevenson works with multiple wholesale lenders to find the best rate and terms for your situation across Georgia.
A second mortgage can be a smart financial move when used for the right purpose:
Receive all your funds upfront in a single lump sum at a fixed interest rate. Your payment is the same every month for the life of the loan — predictable and straightforward.
A Home Equity Line of Credit works like a credit card — borrow up to your limit during the draw period, repay, and borrow again. Only pay interest on what you actually use.
Because your home secures the loan, second mortgage rates are significantly lower than credit cards, personal loans, or unsecured lines of credit.
Depending on your equity, you may qualify to borrow tens or hundreds of thousands of dollars — far more than most unsecured loan products allow.
Your existing first mortgage rate and terms stay exactly as they are. A second mortgage is completely separate — it doesn't touch your primary loan.
Interest on home equity loans used for home improvements may be tax deductible. Consult your tax advisor to understand how this applies to your situation.
With an established equity position and clean credit, second mortgage approvals and closings can happen quickly — putting money in your hands when you need it.
Unlike some loan products, there are no restrictions on how you use your proceeds. Renovate, consolidate, invest — the decision is yours.
Have questions? Stevenson will review your home value, equity position, credit profile, and goals to show you exactly what you qualify for — with zero pressure and zero obligation.
| Feature | Second Mortgage | Credit Card | Personal Loan |
|---|---|---|---|
| Interest Rate | ✔ Low (secured) | High (18–29% APR) | Medium (10–25%) |
| Borrow Amount | Up to $500K+ | Limited by credit limit | Typically $5K–$50K |
| Collateral Required | Home equity | None | None |
| Tax Deductible Interest | ✔ Possibly (home improvement) | ✘ No | ✘ No |
| Fixed Payment Option | ✔ Yes (home equity loan) | ✘ Varies | ✔ Yes |
| Best For | Large, low-cost borrowing | Small, short-term purchases | Mid-size unsecured needs |
Stevenson reviews your home's value, current mortgage balance, and credit profile to calculate your available equity and loan options.
Decide between a home equity loan (fixed lump sum) or HELOC (flexible draw). Stevenson will recommend the best fit for your goals.
We submit your application, order a home appraisal to confirm value, and work through underwriting with speed and transparency.
Sign at closing and your funds are available — ready to put your equity to work for whatever matters most to you.
A second mortgage is a loan taken against your home's equity, on top of your existing first mortgage. Your home is used as collateral. You repay it in monthly installments, and if you default, the lender can foreclose — though your first mortgage lender gets paid first.
A home equity loan gives you a lump sum at a fixed rate — same payment every month. A HELOC is a revolving line of credit with a variable rate — draw money as you need it during the draw period, only paying interest on what you use. The right choice depends on whether your need is one-time or ongoing.
Most lenders allow you to borrow up to 80–90% of your home's combined loan-to-value (CLTV). For example, if your home is worth $400,000 and you owe $250,000 on your first mortgage, you may be able to borrow up to $110,000–$160,000 on a second mortgage.
No. A second mortgage is completely separate from your first. Your existing mortgage rate, term, and payment stay exactly the same. The second mortgage is an additional loan with its own rate and payment.
Yes, slightly. Because second mortgage lenders are subordinate to the first mortgage lender, they take on more risk and charge a bit more. However, the rates are still far lower than credit cards, personal loans, or auto loans — making it a cost-effective borrowing tool.
You've worked hard to build equity in your home. A second mortgage lets you access that value at a fraction of the cost of other loan products — for renovations, debt relief, or whatever matters most. Stevenson serves homeowners across Georgia.
