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Bad Credit Home Equity Loan
Nationwide Mortgage Loans offers bad credit home equity loans, sub-prime second mortgages, debt consolidation equity loans, for borrowers with bad credit scores. If you have had problems in the past with your credit, but want a home equity loan, then you have come to the right place. Nationwide Home Equity has great home equity and cash out refinancing loan programs for people with low credit scores and past bankruptcies. Consolidating your credit cards with a home equity loan or FHA mortgage refinance can significantly improve your Fico credit scores with the Trans Union, Equifax and Experian credit bureaus. Ask your loan officer at Nationwide about the expanded guidelines for FHA home loans, home equity loans and hard money second mortgages. Cash out refinancing is more difficult with bad credit because of the weak secondary market, however FHA home loans allow cash back to 95% with poor credit.
Home Equity Loans-Bad Credit OK
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Fixed Interest Rate Refinancing |
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125% Refinance Loans -NO PMI |
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Interest Only - Low Loan Payments |
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Cash Out for Debt Consolidation
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Equity Loans for All Types of Credit
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Combine 1st & 2nd Mortgage together |
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No Income Verification Loans
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Past Bankruptcy OK- Low Credit OK
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Late Mortgage Payments - OK |
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Consumer Credit Counseling - OK |
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Charge-offs & Collections - OK |
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Late Credit Card Payments - OK |
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Non Conforming Guidelines |
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Refinance your high rate credit card debt and save with a fixed rate loan! |
Refinance Adjustable Rate Debt and Lower Your Monthly Payments with a Fixed Home Equity Loan |
Loan Amount |
Current Payments |
Home Equity Payment* |
Monthly Payment Savings |
$30,000 |
$695 |
$262 |
$433 |
$50,000 |
$1,145 |
$436 |
$709 |
$80,000 |
$1,792 |
$699 |
$1,093 |
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* This is a sample of refinanced credit debt to and assumes interest rate for the second mortgage at 9.5%.
Apply Now and find out how much you can save!
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Understanding the Many Reasons for a Home Equity or Refinance Loan |
Refinance loans are always very popular for people seeking lower rates and lower payments. Recently many homeowners have gotten smart and refinance their home in order to pay off other high interest debts including credit cards. One way to save money monthly is to refinance and stretch the length of the re-payment. Occasionally, people refinance to shorten the term for repayment. This helps homeowners pay of their loan quicker, but their monthly payment usually increases significantly. |
| To learn more about Home Equity Refinance Click Here |
What type of home equity loan is best for me? Equity Line of Credit? or Home Equity Loan?
As a homeowner you have more financing options than you've ever had, so it's imperative that you choose the right home equity loan for reducing your monthly expenses. Find a home equity loan that offers the lowest possible interest rate, while offering the best long-term benefits for your situation. Many people are lured by the low payments of home equity credit lines, because they only require interest only payments. The only problem with the line of credit is that has revolving credit, and if you only pay interest only payments, then you are really not paying off your credit card debt. If you are consolidating debt, choose a fixed rate home equity loan, because not only is the rate and payment fixed, but each month you are paying off principal and interest.
Home Equity Loans for People with Low Credit Scores |
What are my home equity loan options if we have bad credit?
If you have bad credit but have some equity in your home, there are some great loan options available for you. Nationwide Mortgage Loans offers bad credit home equity loans up to 100% cltv of your home's appraised value. Credit score, mortgage history and debt to income ratio will also be factors in qualifying for a 125% home equity loan.
Home Equity Loan Highlights
- Fixed Rate Loans
- 1st-time Homeowners OK
- No Mortgage Insurance
- Loans up from $25,000 to $500,000
- No Cash Reserves
- No Application Fee
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List of Sub Prime Problems that You Won't have to Experience |
- We offer Mortgage Refinancing with No Mortgage Insurance!
- We offer Home Loans with No Required the Source of Assets!
- We offer Refinance mortgages that don't have No Seasoning for Stated Income loans!
- Our Underwriting won't pull a second credit report. U.W. uses the score of our original report!
- Our Credit reports don't expire after 30 days or 60 days! Credit reports are good for 90 days!
- Refinance loans have No additions to the rate for Jumbo loans less than $1,000,000!
- Our Mortgage programs have No required trade lines on full documentation loans!
- Refinance & Home Purchases Don't require cancelled checks on private mortgages
(No VOM's)
- Our Refinance loans have No requirements mortgage history with a 580 credit score
- We do Not require you to Refinance your 1st mortgage to get cash!
Click Here for a Free Loan Quote |
Need A Lower Payment? Check out our 2nd Mortgage Band-Aid Loan
Get lower monthly payments & Cash Back! Click Here to Apply!
Homeowners Education Resources
- Learn more about your credit history & how it may affect your ability to finance
- visit the credit bureaus Equifax.com Experian.com and Transunion.com
Home Equity Lending Warnings |
Consider carefully before refinancing your home or taking out a second mortgage. Although these loans allow you to take tax deductions that you could not take with other types of loans, they can reduce the equity you have built up in your house. If unfortunate circumstances arose & you aren't able to make your mortgage payments, you could lose your home.
Home equity loans can either be a revolving line of credit or a one-time, closed-end loan. Revolving lines of credit offer flexibility but the interest rate is variable, and your payments can increase significantly. With a fixed rate second mortgage or closed-end loan, you receive a lump sum.
For more information, please visit: consumeraction.gov/caw_credit_loans.shtml |
Hybrid Home Equity Loans Changing the Face of Second Mortgages |
According to Freddie Mac, "88% of homeowners who refinance their homes in the 1st quarter got a mortgage at least 5% larger than their first loan." Since this was the largest increase since 1990, and the Fed continues to increase key interest rates, it is my contention that the demand for cash and the ability to finance quickly is the greatest it has been since World War II.
"The reality is that some people still believe the interest rates are below 6%,"said John Allen from Laguna Beach California. John continued, "If I need cash for home improvements. Why wouldn't I just take out home equity loan since my first mortgage rate is under 5%." John's mentality mirrors many of my borrowers' frames of mind of late. Consumers are much more educated than they used to be about financing and taking out second mortgages. |
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