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Second Mortgage Pre Payment Penalty
Nationwide Mortgage Loans offers low rate second mortgage loans with and with out pre-payment penalties. Some second mortgage loans may have a pre-payment penalty, depending upon in which state your home resides. Most home equity lenders require a 3 year pre-payment penalty with the typical second mortgage. (non-restrictive states only) Some Prime second mortgage programs allow you to buy out the pre-payment penalty. In most cases that translates to a .50 add to the interest rate. We recommend that if you plan on moving or refinancing in the next year or two, that you buyout the pre-payment penalty within the interest rate. In this case, you will pay a slightly higher interest rate and then have the freedom to refinance or pore-pay at anytime without penalties being charged.
Pre-Payment Penalty Considerations |
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Fixed Rate Loan Consolidating |
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No pre-pay Options |
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Interest Only Loan Options |
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Flexible Refinancing Freedom |
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Consolidate all of your debts into one low monthly payment |
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No PMI & No Mortgage Insurance |
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Ask your loan officer about the per-payment options and then analyze the pros'and cons of the loan with a pre pay, and with out a pre-pay.
Many loan companies will charge a fee for applying for a loan. Nationwide Mortgage Loans never charges you an application fee and there is no obligation to do a loan with us. We offer Free loan quotes that will help you determine the interest rate and payment info. Our friendly loan team can help you find the best second mortgage for your situation.
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