Redwood Credit Union offers both fixed and variable rate second mortgages. Some of the perks of these offerings are:

  • The interest on Home Equity Loans may be tax deductible – talk to your tax advisor for details.
  • A Home Equity Loan may be able to help you lower your interest rate by lowering your loan-to-value ratio.
  • RCU can finance up to 85% of the appraised value for fixed home equity loans and home equity lines of credit (minus any first mortgage loan balance) on owner-occupied dwellings up to $500,000.
  • For non-owner-occupied dwellings, RCU can finance up to 80%, fixed or line of credit, (minus any first mortgage loan balance) up to $300,000.
  • Redwood Credit Union offers rate discounts for automatic payments and has programs available without prepayment penalties on Home Equity Loans.