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Second Mortgages

Access your home equity without losing your current mortgage’s great interest rate with a Second Mortgage from Newfi! 

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What is a Second Mortgage?

A Second Mortgage is a loan borrowers take out to get access to their home’s equity. Second Mortgages are independent of a borrowers first mortgage. They are a second lien on your home, with its own interest rate and terms. Unlike a Home Equity Line of Credit (HELOC), Second Mortgages are paid out in one disbursement. 

February 7th, 2024 Fixed Rate Second Mortgage Scenario. Image of a 3 across by 4 down table. Title of table is $150,000 Second Mortgage. The table divided into 3 sections: "Term", "Monthly Payment", and "Rate slash APR" respectively. Table reades: 1. 10 Year Fixed Loan Term, $1,890 Monthly Payment , 8.875% Rate slash 9.154% APR 2. 15 Year Fixed Loan Term, $1499 Monthly Payment, 8.750% Rate slash 9.046% APR 3. 20 Year Fixed Loan Term, $1,326 Monthly Payment, 8.750% Rate slash 8.993% APR 4. 30 Year Fixed Loan Term, $1,194 Monthly Payment, 8.875% Rate slash 9.025% APR

What are Second Mortgage Rates?

Your exact rates depend on the equity in your home, the interest rate you qualify for, and the term you select. Contact us to review your options and calculate your payment. 

Get In Touch with a Newfi Senior Loan Advisor Today!

Our team of dedicated Senior Loan Advisors are here to help you find the right mortgage solution for your situation.

Why Use a Second Mortgage?

Borrowers typically take out a Second Mortgage in order to access a set amount of funds from their home equity and pay for things like:

  • Home Improvement Projects, like Renovations
  • High-Interest Credit Card Debt
  • School or College Tuitions 

You may need to access your home’s equity to pay for other things as well. How you use the equity in your home is up to you!


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Licensed in 40 States

What are Requirements for Second Mortgages?

Newfi’s Second Mortgage requirements

  • Up to 85% Combined Loan-to-Value
  • Up to a 50% Debt-to-Income Ratio
  • Credit Scores as low as 660
  • Loan Amounts from $75k to $550k
  • Self Employed Income OK

Have questions about qualifying? Click here or call us at (888)316-3934 to get in touch with a Newfi Senior Loan Advisor.

Frequently Asked Questions

How Does a Second Mortgage Work?

A Second Mortgage is a type of home equity loan option that allows borrowers to take out an additional mortgage using the equity in your home. Second Mortgages are entirely independent of a borrowers first mortgage loan — meaning it has its own loan terms and interest rate —  and is an additional lien on the borrower’s property.

What are the Benefits of a Second Mortgage?

  • Access Your Equity and Keep Your Current Mortgage Interest Rate

    • Because there could be more equity in your home than ever before, it’s a great time to take advantage of that passive equity and make it work for your current needs. With Second Mortgage, borrowers take a second loan that will have its own interest rate. This means you get to keep your great rate on your first mortgage!
  • Increasing Your Cash Flow

    • With inflation on the rise, it’s more important than ever to create a steady and reliable cash flow. A Second Mortgage can help borrowers keep money in their pockets, pay off their debts, and be prepared for their landmark life moments!
  • Paying Down High Interest Debts

    • Second Mortgage have better interest rates than traditional credit cards. Lower interest rates can help you reduce interest payments overtime and relieve stressful credit card payments

What is the First Step in Getting a Second Mortgage?

Because everyone has their own unique situation, we recommend speaking to a loan advisor about your options as your first step. Go to or fill out the form on this page for a free consultation with one of our licensed loan advisors to learn about what documentation and qualifications you may need!

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