The right choice if you have a one-time need for funds and want the security of a fixed rate.
A Home Equity Loan is also called a Second Mortgage, though you can get a Home Equity Loan if you do not have a mortgage on your home. If you currently have a mortgage, you have the option to select a different Financial Institution for your Home Equity/Second Mortgage loan.
If you currently have an Equity/Second Mortgage Loan and have an additional need for funds, contact one of our Financial Service Representatives to ask about refinancing that loan at Altra.
Altra Home Equity options include fixed and variable rate loans with flexible terms. In some cases, you can borrow up to 100% of the available equity in your home for home improvements, debt consolidation, education or other major purchases.
As an added bonus, the interest you pay on a Home Equity Loan may be tax deductible; please consult your tax professional for further information.
Download the Home Equity Loan Application Checklist