Second Mortgage. Woman painting a door frame in house.

A second mortgage allows homeowners to access equity in a home that can then be used as collateral for a loan. Many homeowners choose to finance a second mortgage to help pay for additions and renovations to their homes, thereby increasing the value of their home and time spent there.

Features and Benefits
  • Terms up to 15 years
  • Minimum loan amount $10,000; maximum loan amount $500,000
  • Fixed rate based on loan-to-value ratio and term financed
  • No pre-payment penalties
  • CFE will pay up to $1,000 in closing costs1. If the loan does not close, the borrower will be responsible for the cost of the appraisal
  • Only primary residence or second homes, no condos or investment properties

Second Mortgage

Type Maximum Term Rates As Low As APR* As Low As
Second Mortgage 60 Months 4.125% 4.324%
Second Mortgage 120 Months 4.125% 4.229%
Second Mortgage 180 Months 5.75% 5.826%

What to expect 

You can apply for a second mortgage in person at any CFE branch, by calling our Contact Center, or online at mycfe.com. To obtain a second mortgage with CFE, you will need to be a CFE member in good standing.

Learn more about buying a house with CFE. 

Buying a House

1Borrower agrees to keep loan with CFE for 24 months or borrower will repay closing costs paid by CFE. 

2Annual Percentage Rate

3Principal + Interest

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