Your Second Home Has Equity Too.
A closed-end second mortgage against a vacation or second home, leaving the first mortgage where it is.
Equity in the second home, without touching the first mortgage
A fixed sum secured against your second home.
- A closed-end second mortgage secured by a one-unit second home.
- Your existing first mortgage on the property stays in place.
- A fixed sum with documented repayment terms rather than a revolving line.
- Second home transactions are subject to their own combined lien limits.
- Proceeds can be used for maintenance or improvement of the property, among other purposes.
- Qualifying uses a fully amortizing payment based on the documented repayment terms.
Secured by a second home
One-unit properties
First mortgage stays in place
Fixed sum, not revolving
Own combined lien limits
Fully amortizing qualifying payment
What is the Saxton Second Home Equity Loan?
A home equity loan for the property that is not your primary residence.
Home equity lending is usually described as though everyone only owns one house. If your equity happens to be sitting in a vacation property or a second home rather than your primary residence, the standard home equity loan does not apply, because those are written for a primary residence.
This is the version that does. It is a closed-end second mortgage secured by a one-unit second home. Your existing first mortgage on that property stays exactly where it is, and the second sits behind it.
It is a fixed sum with documented repayment terms rather than a revolving line you draw against, and qualifying uses a fully amortizing payment based on those terms. Second home transactions carry their own combined lien limits, which are tighter than what applies elsewhere. Proceeds can go toward maintenance or improvement of the property, among other purposes.
Why choose the Saxton Second Home Equity Loan?
For owners whose equity is in the lake house rather than the primary residence.
Written For Second Homes
Most home equity products specify a primary residence. This one is available against a one-unit second home.
The First Mortgage Stays
You are not refinancing the loan already on the property, which matters if the rate on it is one you want to keep.
A Fixed Sum
A closed-end second gives you a defined amount with defined repayment terms, rather than a revolving balance that moves.
Useful For The Property Itself
Maintenance and improvement of the property are among the recognized uses, which is often exactly why owners look at this.
Clear About The Limits
Second home transactions carry their own combined limits. We will tell you what that means for your property before you plan around a number.
One Unit Properties
This product is written for a one-unit second home, so the property type is the first thing worth confirming.
Hear From Homeowners Like You
Frequently Asked Questions
Straight answers about borrowing against a second home.
Yes. This is a closed-end second mortgage secured by a one-unit second home, which is a different product from the standard home equity loan written for a primary residence.
No. That is the point of a second lien. Your existing first mortgage on the property stays exactly as it is.
No. It is a closed-end second, meaning a fixed sum with documented repayment terms rather than a revolving line you can draw against repeatedly.
Maintenance or improvement of the property is a recognized use, among others. We can talk through your specific purpose.
Second home transactions are subject to their own combined lien limits, which are tighter than for a primary residence. The specific figure depends on your property and your existing first mortgage.
That is a different product, and we have a page for home equity on an investment property. The limits and rules differ.
For this product, yes. It is written for a one-unit second home.
Find out what you qualify for
If the equity you want to use is in a second home rather than your primary residence, this is the product for it. Let us look at the numbers.
Get Pre-Qualified- Consumer Financial Protection Bureau, home equity loan compared with a HELOC
- Consumer Financial Protection Bureau, mortgages
*Loan amounts, rates, terms, and eligibility are subject to credit approval, income and asset verification, appraisal, and program guidelines. A closed-end second on a second home is a junior lien subject to combined lien limits that differ from those applied to a primary residence. Not all applicants will qualify. Saxton Mortgage, LLC is an Equal Housing Lender.