Closed End Second Mortgage

Angel Oak’s Closed End Second Loans program enables self-employed borrowers to tap into their home’s equity while retaining their first mortgage.
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  • Loans up to $750,000 with a minimum of $75,000
  • Rates are 30-year fixed, 20-year fixed, 15-year, or 10-year fixed
  • Cash-out or rate-term refinance
  • Qualify using bank statements or full doc
  • Owner-occupied, second homes, and investment properties
  • SFR, Townhomes, 2-Unit, and Warrantable Condominiums
  • Up to 50% DTI
  • Owner occupied program is not available in TX
  • Program not available in TN

Angel Oak’s Closed End Second Loans program enables borrowers to tap into their home’s equity while retaining their first mortgage. Our Stand-Alone Closed End Second Lien product is designed for self-employed borrowers and real estate investors who can qualify using 12-24 months of personal or business bank statements. With this product, borrowers receive a lump-sum payment & there are no restrictions on how borrowers can use the funds.

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Product FAQ

General FAQ

What is a Closed End Second Mortgage?
A closed-end second mortgage loan (or CES loan) is a second mortgage that allows you to tap into your home equity without affecting the rate on your first mortgage. A “closed-end” second mortgage means you’ll receive the entire loan amount in one lump sum and won’t be able to withdraw any more cash after you receive the loan.