Second Mortgage La Crosse

Second Mortgage La Crosse

second mortgage la crosse

A mortgage is a loan from a financial institution, which helps the borrower purchase real estate. This usually uses the property as collateral. If the borrower fails to pay or defaults on the loan, the bank has the right to repossess or sell the property. There are two types of mortgages, the first mortgage and second mortgage in La Crosse.

The mortgage you use to purchase your home is what you call the first mortgage. The second mortgage in La Crosse, on the other hand, is used to borrow from your home’s equity, further leveraging your property. Whether you’re going for a first or second mortgage in La Crosse, apply for it from Governmental Employees Credit Union. We’re here to help you manage your loans properly. Contact us now.

Understanding What a Second Mortgage in La Crosse Is

A second mortgage in La Crosse is also called a home equity loan . This takes place while the original loan is in effect. The second mortgage in La Crosse is secured by the home’s equity. But how can you get a second mortgage in La Crosse?

Before you can apply for a second mortgage in La Crosse, you have to repay your first mortgage every month. As you pay your loan over time, your home’s value increases as well as your equity. Once you have enough equity, you can borrow against it to fund your other expenses. The money you borrow will be your second mortgage in La Crosse.

What Are the Two Types of Second Mortgage in La Crosse?

There are two forms of second mortgage in La Crosse. These are the home equity loans and home equity line of credit (HELOC). 

  • The First Type of Second Mortgage in La Crosse Is Home Equity Loans

When you choose this type of second mortgage in La Crosse, your lender will give you cash amounting to your equity. This is a one-time lump sum that comes with a fixed interest rate. 

  • Another Type of Second Mortgage in La Crosse Is HELOC

In this type of second mortgage in La Crosse, the lender will pre-approve the amount you borrow. The lender agrees to let you borrow an amount, which will be paid within a given period of time. It also uses your home as a collateral.

What Are the Requirements Before You Get a Second Mortgage in La Crosse?

Like any other loan, a second mortgage in La Crosse has its own requirements. If your property is foreclosed, the lender of your first mortgage will get your house. Before you get a second mortgage in La Crosse, you have to meet these three eligibility requirements:

  • Before Taking Out a Second Mortgage in La Crosse, You Should Have Equity

Your lender will get an appraiser to calculate your home’s equity. This is required when applying for a second mortgage in La Crosse so the lender can give you accurate numbers.

  • Before Getting a Second Mortgage in La Crosse, You Should Have Good Credit

As someone who’s having a second mortgage in La Crosse, you should know by now that having good credit is crucial in every loan you apply for. This proves to your lender that you can pay consistently.

  • Before Having a Second Mortgage in La Crosse, You Shouldn’t Have a Lot of Debt

Lenders want to know if you can pay on time. Having a lot of debt is not a good indication that you can pay your due consistently. 

Planning to Get a Second Mortgage in La Crosse? Seek Our Help

If you want to apply for a second mortgage in La Crosse, contact Governmental Employees Credit Union. Our friendly staff will happily assist you with anything you need, may it be an online transaction or when you’re applying for a second mortgage in La Crosse. So what are you waiting for? Just give G.E.C.U. a call and we’ll guide you with your application. 

Making Everyone Count Since 1931

Credit unions are known as a great alternative to banks. These institutions offer accounts with lower fees and loan rates. They’re also owned by their customers, that’s why they offer better deals. If you want the idea of a customer-owned financial institution, joining a credit union might be the right choice for you.

Many credit unions offer a lot of benefits. However, not all of them are able to provide their customers with a great experience. If you want to make sure that you get great deals and satisfying customer service, join Governmental Employees Credit Union (G.E.C.U.). We offer great financial services while making sure that our customers feel valued. 

Open an Account With Us

Like any other bank, we also give our clients the privilege to open a bank account for their funds. Whether it’s a checking or savings account, G.E.C.U. makes sure to provide you the one that’s perfectly tailored to your lifestyle and needs. 

  • Checking Accounts

At G.E.C.U., we don’t just provide great checking accounts. We also give you a lot of rewards with Kasasa Cash! You can choose between three options. 

The first option we have is the free Kasasa Cash Checking account with a high-interest reward. The second is a free Kasasa Cash Back Checking account with 2.25% cashback on purchases using your debit card. The third is the Free Kasasa Tunes Checking account, which gives you digital credits for apps and music purchases. Whichever you choose can be opened in minutes, too. Hassle-free, right? 

  • Savings Accounts

Here, we offer you a lot of savings account options for you as well. 

  • Basic Savings Account

This marks your membership with us. You’re only required to deposit a minimum of $5 to open your account.

  • Elite Money Market Account

When you choose this account, the higher your balance is, the higher the interest rate you’ll get. You won’t get any maintenance fee if your balance is amounting to or more than $2,500.

  • Health Savings Account (HSA)

With this account, you can prepare for medical expenses you might have in the future. You can also enjoy triple tax saving where you’ll have tax-free withdrawals for any medical expenses and earnings. 

  • Certificates of Deposit (CDs)

Having trouble with saving money? This option is for you, then. Fixed-rate earnings for your term of choice. 

  • Christmas Club

This type of savings account is created especially for your holiday funds. It also helps keep you away from having debts during the holidays.

  • Individual Retirement Accounts (IRAs)

In this type of savings account, you’ll be able to secure your retirement and earn revenues at a higher rate.

Apply for a Visa Credit Card

At G.E.C.U., we help you expand your purchasing power by providing a globally-accepted credit card. We have competitive rates, low annual percentage rate (APR), and there are no annual fees! Apply with us now.

Pursue Your Dreams With Us

Everyone has the right to education. That’s why here in G.E.C.U., we offer a $500 scholarship to our members. The qualifications are simple; you just have to be a member and you must be already accepted or attending your school of choice.

Other than the two eligibility requirements, you should also submit three documents: your accomplished application form, a scholarship essay, and an autobiography that contains your school activities, awards, employment, and community service records. Apply now.

Secure Your Future With the Friendly Credit Union

Since 1931, we have been making every customer feel that they’re a part of the company; each of them is the partial owner of G.E.C.U. We assure you that we will continue making our customers feel that way. 

Our friendly and accommodating staff will strive to personally know you by name. As La Crosse’s friendly credit union, we enjoy doing business with our clients in the friendliest way that we can. If you want to be a part of the family and experience our customer service, talk to us now .