Like conventional mortgages, they're usually for 15- or 30-year terms, and they also have a fixed interest rate, although a slightly higher one.

The loan will now be converted to a conventional mortgage at a lower rate.

With lending rates running at about 10 3/4 percent, a 30-year conventional mortgage for $800,000 would cost the buyer $7,467.85 a month.

But mortgage executives say these products offer better terms than conventional second mortgages.

The figures are for conventional, fixed-rate mortgages of at least 15 years.

This is about the same rate as on a conventional self-liquidating mortgage.

The rate will be a quarter percent higher than Chase's comparable conventional mortgages.

They generally cost a little more than a conventional mortgage but can often be paid off quickly.

Last February, a conventional 30-year-fixed mortgage could be snagged for 6.78 percent.

The average rate on a conventional 30-year mortgage has dropped for three straight months, and is hovering around 6.5 percent.