Home/Borrow/Home Improvement Second Mortgage

Finance your home improvements without refinancing your mortgage

Finance your home renovation or construction project with a second mortgage that lets you keep your current first mortgage.

Talk to a mortgage lender

A man in a workshop smiles while using a laptop on a workbench surrounded by wooden planks, tools, and construction materials.

A smarter way to fund major home improvements

A Home Improvement Second Mortgage gives homeowners a flexible way to finance construction now and transition to permanent financing later without refinancing their existing mortgage.

This loan is based on the home’s completed value after improvements, not just the equity you have today.

Keep your current first mortgage and interest rate
Interest-only payments during construction for 12 months
Borrow based on future value after improvements
Designed for major renovations, additions, or construction

A couple paints a light-colored wall together; one stands on a stepladder with a roller while the other holds the extension pole. Cardboard boxes and a plant are in the background.

Who should consider this loan

This option is for homeowners who:

Have a subject property in Massachusetts,
New Hampshire, or Maine
Want to improve or expand their home
without refinancing your first mortgage
Have limited available equity

Loan details

Loan amount: $100,000.00 – $500,000.00
Loan type: Second mortgage (keeps your existing first mortgage in place)
Payments: Interest-only during 12 month construction phase

For properties located in Massachusetts, funds must be used for approved construction or improvement work performed by a licensed contractor. This is not a home equity line of credit (HELOC). All loans are subject to credit approval and collateral evaluation. Terms and conditions apply.