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How to Get Money from Your Home When Rates Are High

The rise in inflation has prompted a rise in interest rates. As a result, there isn’t much benefit to a cash-out refinance at this time. If you took advantage of lowered rates over the past few years, the current interest on your note is probably somewhere between 2–4%.

The problem? You need money now! So how do you get money out of your home without spoiling the low rate on your current mortgage? The second mortgage may be the answer.

A second mortgage works in one of two ways. It can either take on the form of a home equity loan which provides a lump-sum with a fixed rate and term, or a HELOC (home equity line of credit) which has variable rates and provides continued access to funds without requiring you to draw the full amount of credit available. In both scenarios, you can pull cash from your property while keeping the current low rate on your 1st trust deed.

Second mortgages are ideal for home renovations, paying off debt or establishing an emergency fund to cover unexpected expenses. There’s a quick turnaround time for accessing the approved funds – typically 7–14 days from the time we receive all documentation.

To explore second mortgage options, contact your Forbix team member or email us at


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