Home Improvement Second Mortgage

Build more without refinancing the mortgage you love

Finance your renovation or construction project while keeping the mortgage you trust.

Product Overview

A Home Improvement Second Mortgage allows homeowners to finance construction today and move into permanent financing once the project is complete—without refinancing their existing mortgage.

Key Benefits

Keep your current mortgage and interest rate
Interest-only payments during construction for 12 months
Borrow based on future completed value
Ideal for major renovations and additions

Loan Requirements

Loan amounts from $100,000 to $500,000
Second mortgage position
Licensed contractor required
Property must be located in Massachusetts, New Hampshire, or Maine

The Home Improvement Second Mortgage helps finance major home improvement or construction projects without replacing your existing first mortgage. During the construction phase, borrowers make interest-only payments for 12 months. Once the project is complete, the loan converts to a permanent second mortgage secured by your home. Funds must be used for approved construction or improvement work performed by a licensed contractor and may not be used for DIY projects. This is not a home equity line of credit (HELOC). All loans are subject to credit approval and collateral evaluation. Terms and conditions apply.

Start a conversation with a Pentucket Bank loan officer today.