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Home Equity Loan Updates
Nationwide offers exclusive home equity loan products with updated guidelines for second mortgages, refinancing, and interest only credit lines for all types of borrowers. Choose from prime rate 2nd mortgages to variable credit lines with revolving options for only paying interest when you access funds. Nationwide Mortgage Loans offers expanded loan guidelines with nearly one hundred 2nd mortgage products that include sub-prime and non-conforming second liens.
Recent Home Equity Program Updates: |
- Increased Loan Amounts for 125% Programs
- Higher Cash Out Limits for 90% Prime HELOC
- 3 Months - Assets Required for SIVA (Stated Income Verified Assets)
- Reduced Interest Rates for 100% Fixed Rate Equity Loans
- Free AVM offer extended for all 125% loan applicants with 660 fico scores.
- Lower Fico Scores allowed with 95% Home Equity Loans
- Blended Credit Scores Allowed for 80-20 Home Purchasing
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Get More Savings with Lower Home Equity Rates and Better Loans from Nationwide |
Nationwide Mortgage Loans Now Offers a New Home Equity Credit Line
with Option for Conversion to Fixed Rate Second Mortgage |
Home Equity Fixed Rate Conversion Program
Open-end revolving equity line of credit
Period of Draw: 10 years
Second Mortgage Rate is a Variable rate (WSJ prime interest rate index plus margin)
Options are available to convert a portion or all of the home equity line balance to a fixed interest rate home equity loan.
Home Equity Loan Repayment Terms:
Fixed Rate Advance Option . Fixed-rate advance can initially be requested by the broker at the time of disclosures.
Borrower may request a fixed rate advance from the customer care dept. after the loan is funded.
- Advances for fixed second mortgage rates can be requested at anytime during the 10 year draw period
- 3 fixed rate advances may be open at any one time
- Limit of 8 fixed rate advances may be requested over the draw period.
- No lending fees to convert to a fixed rate
- Fixed home equity rate advance term options are based on the balance requested.
Homeowner/Borrower may request one of the options offered for second mortgage loan terms: (yearly options within the range available below)
- $10,000 - $19,999 5-15 years
- $20,000 - $49,999 5-30 years
- $50,000 and above 7-30 years
Minimum Home Equity Line Amount: $20,000
Maximum Home Equity Line Amount: $1,000,000 |
| * Equity Line with Fixed-Rate Advance Option is not available in all states. |
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