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Second Mortgage Comparison
Consumers can make a second mortgage comparison online for wholesale, retail, and online home equity loans and credit lines. Nationwide continues to provide a premiere system for comparing second mortgage loans online. Compare 2nd mortgage rate types for refinance, cash out or bill consolidation with good and bad credit loan programs. Applicants can consider and contrast 2nd mortgages online for refinancing transactions in 50 states. Nationwide is ready to offer you expert advice with a plethora of home equity finance options.
Our mortgage lenders can connect you to nearly 100 different second mortgage and home equity loan programs for residential financing. We offer both open-end lines of credit and closed-end second mortgages. Select from several payment options with interest only, or principal and interest with lump sum cash out subordinate loans with no equity required. You can consolidate credit cards with a second mortgage with terms ranging from 15-30 years. These days, second mortgage loans are most used to refinance non tax deductible consumer credit card debt, but many borrowers still use their home equity funds to finance home remodeling and new home construction.
Comparing Second Mortgage Programs |
Fixed Rate Home Equity Loans - Refinance HELOCs and roll your adjustable rate debt into a fixed rate monthly payment that is locked for the life of the loan.
2nd Mortgage Line of Credit - Finance home improvements projects or get a hand funding the construction of a new home. Borrowers like the flexibility of only paying interest on the portion of funds they access.
Revolving lines of credit can open the door to new opportunities because when an investment arises you will have instant access to the cash you need without having to wait a month for a new loan.
Interest Only Vs. Principal & Interest Payment Calculator - How can I compare a principal and interest mortgage payment with an interest-only loan payment? |
>> Learn more about Second Mortgages
>> Fixed or Variable Rate Home Equity
>> Tax Deductible Installment Loans |
Recently, the Federal Reserve announced that it will do what it takes to help limit the home casualties caused by home loan defaults and foreclosures. Many financial insiders are forecasting the Fed to lower the discount rate by 50 basis points. Nationwide Chief Economist Kevin Grant says the Fed's comments are overdue, but that the interest rate reductions could not have come at a period that needed it anymore.
| Compare Various Second Mortgages Below and
find the Loan that Meets Your Needs |
Fixed Rate Second Mortgage
Second Mortgages are the formal term for home equity loans. These installment loans are placed in 2nd position on title and carry a fixed interest rate for the duration of the term. Traditional fixed rate second mortgages offer a lump-sum of money at closing amortized on a fixed payment schedule. (15, 20, 25 or 30 year fixed rate second mortgage). |
Interest Only Second Mortgages
Some second mortgage loans now offer both a fixed rate with interest only payment features for a specified period. The interest only option ranges from 3-10 years in most cases. Most interest only 2nd mortgages are traditional lines of credit that carry a variable interest rate and revolve like credit cards. Credit lines will always be popular because they are accessible home equity accounts that can be used over and over. |
Purchase Money Second Mortgage
Fixed rate second mortgages with loan amounts from 90 to 100% combined loan to value. First Time Home-buyers OK Credit Rating: Fair Good or Excellent. Key Qualifiers: Down-payment, asset verification, credit score, and stated income allowed with high fico scores. |
Stand Alone Second Mortgage
Fixed rate second mortgages up to 125% combined loan to value. First Time Home-buyers OK Credit Rating: Fair Good or Excellent. Key Qualifiers: CLTV, property value, credit score, and stated income OK. |
Second Mortgage - No Doc Loan
No documentation required with select second mortgages up to 80, 90, & 100% combined loan to value. Credit Rating: Good fico scores to 90% or Excellent fico scores to 100%. Key qualifiers: property value, credit score, and stated income OK. No income documentation required and no asset documentation needed for loan process. * No doc loans are not allowed at this time with any 125% loans. |
Nationwide offers a simple online form that is easy to complete in seconds. Relax at home comparing interest rates, second mortgage terms, etc. Nationwide Mortgage Loans is one of the last few home equity brokers to offer second mortgages behind negative amortization loans and payment option ARM's.
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2nd Mortgage Terms |
Second Mortgage Rates
The Federal Reserve sets key interest rates and the Wall Street Journal posts these interest rates that most banks refer to as the Prime Rate index.
Today the market conditions favor fixed rate loans.
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125% Loan Consolidation
125% loans were created to help homeowners with no available equity to consolidate loans and credit cards. Refinancing credit card debt into a second mortgage can eliminate the compounding interest and lower your monthly payments. |
Variable Equity Credit Line
Get a revolving line of credit featuring a variable interest rate. Credit lines offer access to your home equity at any time. You only pay interest on the portion of the line that you use. |
| Resource Tools |
Loan Comparison Calculator
This calculator will help you to compare the total mortgage interest charges of 4 types of loans.
Call 1-800-242-6986 to get more information from a professional loan officer.
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