Secondary Mortgages
Leverage Your Equity
You’ve invested wisely in your home, now let Deseret First help you leverage your equity with a no-cost second mortgage.
What is a secondary mortgage?
A second mortgage is a loan that uses your home’s equity as collateral. It can works as an additional, separate loan with its own payments, piggybacking on the first mortgage.
Key Takeaways
Second Mortgage Features
5 and 10-year fixed payment options
6-year ballon options
Payments calculated over 15 or 30 years
No Private Mortgage Insurance (PMI)
Lending available in most states
If you need details or have questions about availability in your area, call us at 801-456-7590. Additionally you may visit any our branch locations.
Piggyback Loans
What is a piggyback loan?
A piggyback loan is a second mortgage done at the same time as a first mortgage, essentially piggybacking on the first mortgage. DFCU offers these “piggyback” second mortgages for both purchasing or refinancing your home.
Why should I consider a piggyback loan?
Homebuyers often use piggyback loans to avoid private mortgage insurance (PMI) costs. It can make up the difference and save you money.
Do More With Your Home Investment
No-Cost Second Mortgages are a great option. Open a second mortgage today without paying closing fees (as long as the loan stays open for at least 3 years.*)
Your individual rate may be higher based upon your creditworthiness. Property insurance is required. Terms and conditions apply. Membership and eligibility required. On approved credit (OAC). Equal Housing Opportunity.
*Second Mortgage offer covers all closing fees except appraisal or Automated Valuation Model (AVM) fees, which must be paid upfront by the borrower. If the loan is paid off within three years from opening, borrowers must reimburse Deseret First Credit Union for the closing fees paid. Fees will be detailed on your Closing Disclosure under “Paid by Others.” Contact a loan officer for details.