What is the difference between a first mortgage and a second mortgage?

A first mortgage is a lien on your property that is in the first position in title. Commonly a first mortgage is secured when you are purchasing property or refinancing an existing mortgage.

A second mortgage, commonly referred to as a home equity loan, home equity line of credit, or HELOC is a mortgage on any equity in your property, and takes second position in title.

The credit union offers both products to its members.

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