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115% Fixed Rate Second Mortgage
Nationwide Mortgage Loans offers many competitive 2nd mortgage loans up to 115% combined loan to value.(cltv) One of the most popular home equity loans is Second Mortgage 115%. This loan is for people who do not have much or any equity in their home. After their new 115% second mortgage the borrower can exceed their home equity by as much as 15%.
| Why are the interest rates higher on 115% than 100% 2nd mortgage loans? |
| The interest rates are higher with the 115% mortgages because the risk factor is significantly greater than 100% 2nd mortgage loans. Since their is no equity in the home, lenders would have no recourse if payments defaults or the borrower was to enter into a foreclosure procedure. |
| Credit Rating: |
Poor, Fair Good or Excellent |
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| Key Qualifiers: |
Property Value, Credit Score |
| Income Documentation: |
Full Doc or No stated Income |
- Fixed Rate Second Mortgage
- Up to 115% combined loan to value.
- First Time Home-buyers OK
115% Second Mortgage Terms
- 15 Year Fixed Rate
- 20 Year Fixed Rate
- 25 Year Fixed Rate
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