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		Closed-End Second Mortgage Your credit union offers a closed-end second mortgage (home equity loan) for members wanting to take advantage of their homes’ borrowing power. If you’re a homeowner looking to increase your tax deductions, and borrow money for a one-time purchase, then you should consider applying for a Vantage Credit Union Closed-End Second Mortgage. When you use your Vantage Credit Union Closed-End Second Mortgage to pay for a large-ticket item such as a home improvement project, it’s smart because your interest payments are usually tax deductible,* unlike a conventional loan. This enables you to make that purchase you want while reducing your taxable income at the same time! A Vantage Credit Union Closed-End Second Mortgage is similar to a home equity line-of-credit in that it allows you to borrow against the equity you’ve established in your home. In addition, Vantage Credit Union’s Closed-End Second Mortgage, like a home equity line-of-credit, gives you the ability to increase your tax deductions since interest payments on both loan options are usually tax deductible.* However, Vantage Credit Union’s Closed-End Second Mortgage is different than a home equity line-of-credit because the closed-end second mortgage allows a one-time set loan amount for a specific purpose (such as a home improvement project), requiring a faster payback period. For current rates, click here. You can use the chart below as a guide to determine your approximate equity position. 80% Option (10-Year term) Your Home's Current Value   $____________ X 80% = $____________ (Minus 1st Mortgage Balance ) - $____________ Equals Available Equity = $____________ Vantage Credit Union Closed-End Second Mortgage Document Checklist: A completed Vantage Credit Union Closed-End Second Mortgage Loan application A copy of your First Deed of Trust Verification of your first mortgage balance A copy of your title insurance A copy of your current homeowners policy (including mandatory flood coverage if necessary) A copy of your Vantage-certified appraisal (if completed during previous 12 months) Any Closed-End Second Mortgage Loan greater than, or equal to, 80% LTV, you are responsible for obtaining a certified appraisal A copy of your current property tax assessment Your most recent paycheck stub if not on Direct Deposit/Net pay with Vantage Credit Union If you have any questions about Vantage Credit Union’s Closed-End Second Mortgage, or to start the application process, call 314.298.0055 or 800.522.6009. Or, apply online. Consult your tax advisor for details about tax deductibility. Vantage Credit Union Closed-End Second Mortgage valid on Missouri and Illinois property only. Top of Page
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