Second mortgages in Oklahoma
An Oklahoma second mortgage lets you turn your home’s equity into cash without impacting your first mortgage in any way. When it comes to second mortgages, you have two choices. You can apply for an adjustable-rate HELOC, or Home Equity Line of Credit. Or you can apply for a home equity loan with a fixed rate. There is some risk involved; therefore you should always make sure you’ll be able to afford the additional debt before applying. A second mortgage is secured by your home’s equity which is determined by your home’s current value minus the amount owed on your first mortgage. How much your lender will allow you to borrow likely will range between 75 and 125% of the equity value in your home.
