Home Equity Lines

Home Equity Lines are interest only second mortgages that offer homeowners a revolving line of credit for cashing out equity for remodeling and financing home improvements with interest only payment options. Home equity credit lines have become popular financing tools that offer homeowners flexibility and cash out at a moment's notice. The Federal Reserve has lowered interest rates again and that means credit line payments have been reduced, because home equity line of credit rates are ties to the Treasury index. We suggest financing home improvements and construction while home equity rates are favorable, because the Fed will likely raise rates soon.

As your life changes, your house can change too! Take extra cash from a home equity line and complete those improvements you always wanted to do. Landscaping and interior design not only enrich your surrounding, they can help improve the value of your home. Home Equity Lines of Credit are flexible tools that enable you to access when you need to. Home equity lines can open doors for investing, and purchasing second homes, because they allow you to access the equity in your home at any time. Credit lines are set up so that you can borrow and re-borrow and you only pay interest on the portion of the line that you have used.

Flexible Lines of Credit

Borrow and Re-Borrow any time!
Home Equity Lines give you the power!
100% Home Equity Lines of Credit
HELOC's to 125% Loan to Value
Stated Income Home Equity Lines
Interest Only Home Equity Lines
Fixed Rate Conversion Option
Tax Deductible Interest
Credit Lines OK for 80-20 Purchase
Lock into Prime Rates for Life
Finance Home Improvements
Fund Construction Projects
Get Cash for Down Payment
Buy a Vacation Home
Remodel Your Home

What is a draw period for a home equity line?
Home equity lines provide an accessible period of borrowing and re-borrowing for the initial draw period that is specified at closing. The draw period is considered the time period the lender allows the borrower to use the credit line without requiring any repayment other than the minimum interest due. After the draw period expires, it converts to a standard fixed rate loan with a repayment amortization ranging from 10 -20 years.

Nationwide is one of the few loan companies to offer 125% lines of credit. The 125% home equity lines are second mortgages that allow you to exceed the value of your property. Nationwide offers low rate equity loans and credit lines to maximize your home financing without requiring any equity.

Finance Definition of Home Equity Line of Credit

Variable Interest Rate Home Equity Lines offer an available line of credit, like a credit card. The money allocated for the line of credit is also borrowed against the equity in the value of your home. Home equity lines of credit are considered mortgage liens in 2nd position on the deed to your property's title.

People making sporadic home improvements like home equity credit lines because you only pay interest on the amount of cash you access.

  • Money is allocated to the line of credit and access to the funds is granted to the borrower at time of closing escrow
  • HELOC (Home Equity Line of Credit) are Tax-Deductible
  • Annual fees are typically charged with a home equity line of credit

Linda's tip for securing access to emergency funds with a Home Equity Line
Ask Linda?

I believe that every person who owns a home should have a home equity line available in case of job loss or medical emergencies. Remember with home equity lines that you pay nothing unless you access the funds. What family wouldn't benefit from this added financial security?


Nationwide Mortgage Loans Loan Spotlight

Interest Only Second Mortgages
Nationwide Mortgage Loans offers interest only 2nd mortgage loans that are locked to prime. The interest rates are variable but can be converted to fixed rate home equity loan with most HELOC programs.

Borrowers continue to speak very highly about only being required to make the minimum payment that covers the interest due from the portion of the line accessed.

Also see options for No Income Verification, Debt Consolidation Loans and Bad Credit Refinancing.

Should I Get a Home Equity Mortgage With a Fixed or Adjustable Rate?

The second mortgage choices of which kind of loan are easy. It really comes down to two home equity options: a fixed rate loan or an adjustable rate loan.

When Is The Best Time For A Home Equity Loan?

Home equity loans can be efficient tools for financing home improvements, investments and consolidating credit card debt. Home equity lines of credit can improve cash flow, and provide flexibility for investing. Having an equity line of credit can provide a safety net of cash reserves for family emergencies and investment opportunities. We suggest getting approved for a home equity loan when you need it least.

Get Approved for a Low Rate Home Equity Line of Credit that Allows you to Borrower and Re-Borrower…

Can I get a Fixed Rate Home Equity Line of Credit?

Most equity lines of credit are revolving credit lines that are set to the US Treasury and reported as the prime index reported by the Wall Streets Journal. Nationwide is now offering a unique home line of credit that has a fixed rate for a few years, before the rate becomes adjustable. Just like your traditional 5/1 ARM, these equity lines of credit feature a rate that is fixed for a specified period. Three and five year fixed home equity lines are the most common.

Many homeowners call this equity line, the best of both worlds, because they are only charged interest on the money they access, and the rate is still fixed for a set period.

Learn more about Home Equity Loans

  • Equity Lines up to $500,000
  • Repayment Term: 5, 15 or 20 year Teams
  • Draw Period: 10 or 15 years
  • Rate: Prime + Margin

Our Home equity line of credit includes a Checkbook & Credit card that are sent directly to you. This Home Equity line offers a flexible revolving credit line that allows you to borrow, payback, re-borrow, etc. payback the full amount. Use our Line of Credit to meet your financing needs! The APR may vary and is indexed to the prime rate as published in the Money Rates section of The Wall Street Journal. The qualifying home equity margin is determined by the loan to value ratio, debt to income ratios and the amount of the initial draw. Most experts agree that your ability to maximize your wealth is tied not to timing market swings, but to your time in the market. Save money and get out of debt faster!

This Home Equity line offers a flexible revolving credit line that allows you to borrow, payback, re-borrow, etc. payback the full amount.

  • Consolidate your high-interest credit card debt.
  • Borrow up to 100% of your home's appraised value.

Which home equity loan is right for you?
One important determining question to ask is...What is the purpose of the loan? Make sure that you remember why you are borrowing money. Keep your priorities first.

Nationwide Mortgage Loans offers both fixed rate home equity loans and equity lines of credit, so we will get you the best possible financing solution for both your short & long term goals.

 

Resource Tools

Loan Comparison Calculator
This calculator will help you to compare the total mortgage interest charges of 4 types of loans.

Refinancing Calculator
Analyze the benefits of refinancing. Get help calculating the monthly payment and discover the net interest savings. It will also calculate how many months it will take to get a return on investments for the mortgage loan costs.


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Free Finance Guides & Helpful Consumer Reports

Take advantage of our free guides and disclosures that help 1st time homebuyers.

Equity Credit Line Fed Tips
Home Purchase Guide
Understanding Credit Scores
ARM Rate Mortgage- Guide
Consumer Guide -Rate Locks

Client Testimonials

"I need cash quickly to help my new start-up business. Nationwide showed me how to utilize my home equity with a secure credit line that gave me access to money whenever I needed it.

This account they call a HELOC has helped me when I was in a pinch many times. I will definitely add you to my Christmas card list. Thanks for everything!
– B. Howard

Premium Home Equity Loan Products:
Home Improvement | Home Equity Refinance | Prime Credit Lines | Fast Cash | Stated Income Home Equity Loans | Discount Home Equity Loans | Debt Consolidation | Shopping for a Home Equity Line | Credit Lines for Emergencies | Eliminating High Rate Debts | Closed End Loans | Second Mortgages | Cash for House Repairs | Outdoor Living | Swimming Pool Construction | Finance a Home Remodel | Home Renovation | Prevent Foreclosures with Home Equity Lines

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