Nationwide Mortgage Loans now offers a convertible home equity line of credit that provides borrowers options for turning their variable interest rates to a fixed rate second mortgage loan. This unique home equity program allows homeowners to convert portions of their adjustable rate equity line into fixed rate home equity loans. Another key feature is that this second mortgage allows you to keep the unused portion of the home equity line open.

1. Interest Rates on Your Credit Cards Are Costing You Money Every Month-

The major reason why most people consider paying off credit card debt by rolling all of their outstanding debt together into a home equity loan is because the interest rates on their existing credit card rates are adjustable and too costly. If you own a home, there is no reason to keep over-paying every month with compounding interest from your credit cards, because there is a solution found with home equity loans.

As you might already know, banks issuing credit cards don't offer the same interest rate. You can get a lowered interest rate card, but it will probably be for an introductory term of 6 months or a year. The other area of concern is that the banks are allowed to change the terms at any time. If you were to transfer your credit card into a fixed rate home equity loan on a 15 year term, you would have specific, set terms that can't change for the duration of the home equity loan term. Another important factor is that each payment you make with a home equity loan goes towards paying off interest and principal.

2. We don't charge Annual Fees with Home Equity Loans for Refinancing-

Most banks that offer credit cards and equity credit lines lately have resorted to charging borrowers an annual fee for using the credit. In some cases the annual fees really start to add up.

3. Home Equity Loans are Tax Deductible-

Like your existing mortgage, home equity loans up to your home's value are tax deductible in most cases. Many first time homebuyers run up their credit cards after buying their 1st home, because they need furniture, and sometimes need to make some immediate home improvements. If you have some credit card debt and you pay taxes out of each paycheck, like most people, it might be time to consolidate your credit cards and find some additional cash come back to you when you do your taxes.

Nationwide Mortgage Loans is excited to inform you of the "New Home Equity Line of Credit with Fixed interest Rate Options for advances."

Home Equity Loan Program Description
Open-end revolving equity line of credit
Period of Draw: 10 years
Home Equity Rate is a Variable Rate
(Wall Street Journal reports the prime interest rate index plus margin)

Home Equity Loan Repayment Terms:

15 years for balances at maturity that are less than $20,000
30 years for balances at maturity that are more than $20,000
Fixed Rate Advance Option can initially be requested by the broker at the time of disclosures. Homeowner/Borrower may request a fixed rate advance from the customer care dept. after the loan is funded and the account is opened.

• Advances for fixed second mortgage rates can be requested at anytime during the 10 year draw period
• A maximum of 3 fixed rate advances may be open at any one time
• A maximum of 8 fixed rate advances may be requested over the draw period.
• No borrower 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
Billing Method: Statements Mailed Monthly
Payment Options: Automatic debit (ACH) from checking account, phone pay, or pay by mail.

* Home Equity Credit Line with Fixed-Rate Advance Option is not available in all states.