Second Mortgage

A second mortgage is a great option for those who have a one-time need for funds and want the security of a fixed rate. Use the available equity in your home as collateral to make large purchases, finance home improvements, pay for education expenses, or consolidate your higher interest debt into one payment. Even if your first mortgage is at a different lender you can still benefit from a 2nd mortgage from GECU. If you currently have a 2nd mortgage with another lender refinance with GECU to get additional funds and/or lower your rate.

The property must be your principle residence and must be located in the state of Tennessee (manufactured/mobile homes are not eligible).

  • Fixed rate with flexible terms
  • Borrow up to 80% of the appraised value of your home
  • Payment doesn't change throughout the life of the loan
  • Loan stays serviced right here at GECU
  • Interest paid on your 2nd mortgage may be tax deductible (consult your tax advisor)

If you would like to use the available equity in your home over time instead of all at once, a Home Equity Line of Credit (HELOC) may be a better option.

Need to figure out a payment? Use our helpful calculators!

Ready to start the application process?

You can apply in any of our branches during normal business hours.

**Terms and conditions may apply. Application process may be delayed or refused if application information is not received in a timely manner. Underwriting criteria are subject to change without notice