Skip to Main Content
Learn more about our ID scan announcement and procedures.

Town and Country Bank

Main Navigation

  • Careers
  • Contact
  • Search
  • Pay Loan
    • Make a Mortgage Payment
    • Make a Loan Payment
  • Login
    • Online Banking
        • Forgot Password
        • Sign Up
    • Home Loan
    • Make a Mortgage Payment
    • Trust & Investment Services
    • Make a Loan Payment
    • Credit Card
  • Menu
  • Home
  • Personal Banking
    • Personal Checking Accounts
    • Personal Savings Accounts
    • Loans
      • Auto Loans
      • Personal Loans
      • Home Equity
      • Home Improvement Loans
      • Land & Lot Loans
      • Bridge Loans
    • Make a Loan Payment
    • Personal Debit and Credit Cards
  • Business Banking
    • Business Lending
    • Business Accounts
    • Treasury Management
    • Business Debit and Credit Cards
    • Meet Our Business Bankers
    • SBA Paycheck Protection Program (PPP)
      • SBA Paycheck Protection Program (PPP) Loan Forgiveness
    • COVID-19 Relief Programs & Resources
  • Home Loans
    • Find the Perfect Home Loan
    • Meet our Mortgage Lenders
    • Apply for a Home Loan
    • Mortgage Calculators and Rates
    • Make a Mortgage Payment
    • Mortgage FAQs
  • Trust & Investments
    • Personal Financial Planning Services
    • Business Financial Planning Services
    • Meet our Trust & Investments Team
  • Customer Support
    • Online & Mobile Banking Services
    • Account Resources
      • Overdraft Protection
      • Reorder Checks
      • Financial Calculators
      • Switch to Us
      • Online Forms
      • Online Security
      • FAQs
    • Additional Services
  • Sprig The Word Blog
  • Our Team
  • About Us
    • Community Support Request
    • About Our Bank
    • Diversity, Equity, and Inclusion
    • Locations & Hours
    • Careers
      • Careers in Mortgage Lending
    • News
      • 2020 Financial Reports
      • 2019 Financial Reports
      • 2018 Financial Reports
      • 2017 Financial Reports
    • Contact Us

  • Sprig The Word Blog

What is a Second Mortgage?

7/26/2019

SHARE

Whether you’re preparing for a large home improvement project or trying to consolidate debt, taking out a second mortgage can help you when it comes to major costs. Second mortgages allow you to use your home’s equity to take out a second loan while using your house as collateral. Second mortgages additionally permit you to borrow substantial amounts of money that you get to use however you need.    

Types of second mortgages include Home Equity Loans (HELs) and Home Equity Lines of Credit (HELOCs). While they usually come with higher interest rates, second mortgages are typically cheaper than other loans because they are secured by real estate, and the interest rates are significantly cheaper than the interest rates for credit cards. On top of being cheaper, the payment amount and the term of the loan are established from the beginning, so you know exactly what you’re paying and for how long.

“Home Equity Loans and Home Equity Lines of Credit are great products that we offer that clients can use for a variety of reasons, and they’re usually preferred over using a credit card,” says Steve Brumleve, a Universal Banker at Town and Country Bank. “The main reason borrowing against the equity in your home is a good idea over using a credit card is that the interest rates are much more advantageous.  Our Home Equity Loans at the moment are between 5.49% and 7.89%, depending on the specific product.  Interest rates on credit cards are much higher.”

We are Proud to Serve You

Town and Country Bank and Peoples Prosperity Bank are proud to serve local communities in Central Illinois and Metro East. Apply online today or visit one of our local branches for more information. Our friendly and attentive staff welcomes you to any of our locations in Springfield, Buffalo, Jacksonville, Lincoln, Decatur, Bloomington, Mt. Zion, Edwardsville, Fairview Heights, and Quincy.

More Posts

View Current Offers
Open an account
Find a location

  • Facebook Logo
  • Twitter Logo
  • LinkedIn Logo
  • Contact Us
  • Locations & Hours
  • Financial Calculators
  • Careers
  • Financial Privacy Disclosure
  • Financial Privacy Opt Out Form
  • Other Disclosures
  • Community Support Request
  • Routing Number: 071123262
  • FDIC Logo
  • Equal Housing Lender Logo

Copyright © 2021 Town and Country Bank All Rights Reserved. An Illinois State chartered banking organization. | Please note that Investments are not a deposit, not FDIC Insured, not insured by any federal government agency, not guaranteed by the bank and may go down in value.

Privacy Policy

Town and Country Bank is regulated by the Federal Reserve Bank of Chicago. For accolades or complaints, please contact us by sending a letter to: Customer Relations Office, 3601 Wabash Ave., Springfield, Illinois 62711. If there is no sensitive customer information, such as social security or account numbers, you can send feedback to the following email address: customerrelations@townandcountrybank.com

You Are Now Leaving

You are now leaving the Town and Country Bank/Peoples Prosperity Bank website. You are about to access a third party web site or service that is not owned or controlled by Town and Country Bank/Peoples Prosperity Bank and therefore, may not be FDIC insured.

While we believe these resources are reliable, Town and Country Bank/Peoples Prosperity Bank is not responsible for and will not guarantee the products, services, information, or content provided by this third party.

Continue Cancel ×