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Nationwide Introduces an Interest Only Home Equity Loans with a Fixed Rate
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Nationwide Mortgage Loans introduces a home equity loan that offers you more payment and rate options. This second mortgage features an interest only payment option with a fixed rate terms. This home equity loan is an installment loan that enables consumers to get a fixed interest rate while also benefiting from a lowered payment with increased cash flow. Homeowners have the luxury of converting their home equity line of credit into a fixed rate second mortgage while keeping the interest only option. Nationwide has released several new home equity loan products in 2006 that have enabled consumers to use their home equity for cash more efficiently than in the past. Nationwide is always seeking new opportunities for homeowners without requiring them to refinance their existing first mortgage.
Nationwide introduces the "Interest Only Fixed Rate Home Equity Loan." This unique second mortgage program allows homeowners to maintain the affordability of interest only payments but also have the security of a fixed interest rate. Interest only loan options are available with home equity credit lines and second mortgage HELOC conversion up to 100% combined loan-to-value. Borrowers can choose from three, five or seven year second mortgages with fixed rate terms. However, the 125% second mortgage product does not offer interest only payment features at this time.
Brendon Daly, a Sr. Loan Officer at Nationwide Mortgage Loans, said, "This is an affordable home equity loan that enables my clients to preserve their cash flow when they need to, because borrowers can choose between the affordable interest only payment or the fully-indexed payment that pays down both principal and interest on the 2nd mortgage." Daly continued, "These days I find the demand for consolidating credit card debt is rising, and these second mortgages offer the means to reduce interest rates and get debt paid off quicker."
The Interest Only Fixed Rate Home Equity Program enables clients to refinance their adjustable rate credit lines, and convert variable interest debt into a fixed rate home equity loan. This interest only 2nd mortgage is a great solution for borrowers in a money crunch. This unique 2nd mortgage offers the fixed rate that many borrowers need to go to sleep at night, while offering a low payment solution for a few years. The interest only home equity loan is available for both refinance and purchase transactions. Nationwide Mortgage Loan Company has aligned itself with several leading mortgage lenders in efforts to provide premium second mortgage and home equity loan products.
2nd Mortgage Programs: Borrowers choose from fixed rate terms and HELOC conversions: 10 to 30-years. Home equity line of credit rate is a variable rate ( WSJ prime interest rate index plus margin) Fixed Home Equity Loans:Terms range from 15, 20, 25 or 30-year terms. Second mortgage rates are fixed interest rates (fixed interest based on market conditions on the conversion date).
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