Refinancing Second Mortgage

Refinancing Mortgage
Convert Your Adjustable Rate HELOC to a Fixed Rate 2nd Mortgage and Save a Lot of Money from Reduced Interest!

  • Low Rate 2nd Mortgage Refinancing
  • Fixed Rate Home Equity Refinance
  • Refinance Debt with a Tax Deductible Second Mortgage
  • Home Credit Line Refinancing to 100%
  • Borrow Beyond 125% with the HARP 2.0
  • Simple Interest Debt Consolidation

Homeowners like our 2nd mortgage refinance loans because the interest is low and the rates are fixed. Years ago, many borrowers took out to loans to purchase their homes and our lenders provide a great opportunity for refinancing 2nd mortgage loans into a new program with a reduced interest rate for 15 or 30-years, We provide fixed rate loans and lower payments with debt consolidation and subordination options for FHA, conventional and non-conforming loans. Refinancing second mortgage loans and combining the debt into one mortgage with a fixed interest rate ensures financial protection against inflation when the Fed starts hiking rates.

In the mortgage industry, nothing is more popular than refinancing your first and second mortgage together. It may be a wise move to refinance your existing second mortgage with your first loan into a fixed rate mortgage that save you money by combining your first and 2nd mortgage together. You can also take out a new second loan and lock into a fixed rate loan with fixed terms and fixed payments for the life of the loan. Ask your loan officer about your eligibility for the no cost mortgage refinance program.

Refinancing Mortgage Rates at 2.75%

Nationwide Mortgage Loans is a second mortgage banker who offers low rate second mortgages and home equity loans for refinancing and FHA mortgages for consolidating debt. You can also refinance your existing HELOC with an interest only 2nd mortgage or a fixed rate home equity loan for people with good and bad credit. Refinance your variable rate line of credit and lock into a FHA or a second mortgage with a fixed interest rate for the term of the loan.

There is limited time left to take advantage of still-low interest rates before an inevitable rate hike that could cost you lots of money. If you're considering refinance options to secure funds for debt consolidation, home improvement projects, or to provide that extra needed cash, BD Nationwide can help you find the Refinancing Second Mortgage options that best fit your needs!
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We have years of experience in the arena of Refinancing Second Mortgage Programs. We are dedicated to making sure that your lending experience is as streamlined and stress-free as possible. Our lenders have solid years of experience in the arena of bad credit refinancing and 2nd mortgage programs. Find out why we are dedicated to making sure that your lending experience is as streamlined and stress-free as possible.

5 Reasons for Refinancing Adjustable Rate Second Mortgages and Revolving Lines of Credit
  1. Fixed second mortgage rates are lower than credit line rates at this time.
  2. Consolidating Adjustable rate loans can lower your payments and save you money.
  3. Reduced mortgage payments will increase your cash flow.
  4. Fixed rate terms are better for planning your budget because the monthly payment is already determined.
  5. You can be out of debt quicker because the amortization schedule is calculated with simple interest.

Home Financing Definition of Second Mortgage Refinance

Refinancing an existing home mortgage that is in 2nd position on title with a replacement second mortgage. Refinancing second mortgages offer borrowers a lump sum of funds that is placed against the equity your home's appraised value.

  • Cash is taken by the borrower at time of closing escrow
  • Second Mortgages are Tax-Deductible to 100% of property value.
  • No annual fees are charged with fixed interest 2nd mortgages.
  • Fannie Mae and Freddie Mac allow subordinate financing of 2nd mortgage liens when refinancing under the HARP 2.0 program.
  • Monthly payments are fixed and terms are set with simple interest amortization

FHA Mortgage Refinance Spotlight

FHA Home Mortgages offer 30-year fixed interest rate terms.

FHA mortgages are government insured loans that are offered up to 97% rate and term or 85% for refinancing terms with cash out. (credit scores are not a factor, but mortgage history is critical)

The FHA loan was introduced in 1934 to help first time home buyers get help with financing a house. Since then, FHA has introduced refinances for cash out and reduced interest rate opportunities. Millions of borrowers have benefitted from FHA because they are one of the only solutions left for underwater loans and for people with less than perfect credit. Borrowers who have been strapped with adjusting mortgage rates would unable to refinance into a record low interest rate unless it was FHA.

Also see options for FHA Streamline Refinance and FHA Refinance.

Understanding the Mortgage Refinance Process.

How long does it take to refinance a second mortgage loan?
In most cases, a 2nd mortgage or home equity loan from Nationwide Mortgage Loans, will take 2-3 weeks from start to finish. Certain factors can help speed up the loan process, and certain factors can slow it down. For example if someone already has a recent appraisal for their home, then often times it can reduce 3-5 days of the loan process. An example of something that could slow the process down would be, if someone was qualifying for a full documentation 2nd mortgage refinance, and they were unable to come up with W2's or pay-stubs. The loan process would be slowed down until the borrower was able to get copies of their income documentation. Bottom Line: The faster you get the documentation to your loan officer, the faster that underwriting can clear the loan conditions, so your loan can close.

Learn more about underwriting guidelines for Second Mortgages

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.


Linda's Tip for refinancing a second mortgage
Ask Linda?

Ask your mortgage lender if they will subordinate if you wanted to refinance your 1st mortgage in the future. If they do then request to see a sample subordination agreement, and make sure that you maintain the criteria needed for a future refinance.

Fannie Mae and Freddie Mac revised their guidelines recently in an effort to help borrowers with underwater 1st and 2nd loans achieve a more affordable monthly payment. You cannot refinance a 1st and 2nd mortgage together under the HARP 2.0, but in most cases you can get your second mortgage lender to subordinate the junior loan.


 

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Resource Tools

Loan Comparison Calculator
This calculator will help you to compare the total interest charges of four types of refinance mortgages and equity loans.

Debt Investment Calculator
Understand how much interest you can save by eliminating debt.


News

HARP Refinancing with a Second Mortgage - If you have a mortgage owned by Freddie Mac or Fannie Mae, you may be approved for low rate refinancing even if your mortgage is underwater. If you have a credit line or equity loan you will need to get it subordinated.

New Equity Loan Opportunities from 2nd Mortgage Lenders - A recent survey of mortgage companies revealed that lenders are beginning to open up new programs for equity loans.

Refinance with No Documentation - Many homeowners have been watching on the sidelines because so many lenders have withdrawn their stated income refinance programs.


Free Finance Guides & Helpful Consumer Reports

Take advantage of our free articles on 2nd mortgage refinancing and home buying. Read our disclosures that have helped thousands of first time homebuyers.

Equity Credit Line Fed Tips
Understanding Credit Scores
ARM Rate Mortgage- Guide


Speak with a live loan officer

Disclosure: *The 2.75% rate quoted was for a $100,000 2nd mortgage on a fixed 15-year term. The monthly payment would be $678.62 a month. There is $495 in closing cost on this sample. The APR on this sample is 2.92%.

 

Related Second Mortgage Pages:
No Documentation Mortgage | Bad Credit Refinance | Refinance Loans | Low Closing Cost Second Mortgage | HARP Refinance
Second Mortgage for Foreclosure Prevention | 90% | 95% | 100% Second Mortgage | 105% | 115% | 125% Mortgage | Equity Loan Bad Credit | No Income Mortgage | Home Loan for Bad Credit | How to Refinance a Mortgage | Top Home Refinance Loans in 2013
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BD Nationwide Mortgage, 515 Encinitas Blvd. Ste 100, Encinitas, California 92024
Please be aware that this is not an advertisement for credit as defined by paragraph 226.24 of regulation Z. Nothing on this site contains an offer to make a specific home loan for any purpose with any specific terms. This is a web-site and no loans can be guaranteed as loans and rates are subject to change. Nationwide is affiliated with national lenders and a federally chartered bank located in Maryland licensed to offer home loans in all 50 states. Copyright 2001-2013 and Beyond, Nationwide Mortgage Loans - BDnationwidemortgage.com is a website and cannot make loans. All rights reserved. Be aware that rates and pricing can change without notice on 2nd mortgage refinancing.