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Home Equity Loans & Second Mortgages

Many homeowners became addicted to using second mortgages and home equity loans for debt consolidation.  Home equity loan options have changed dramatically in the last few years.  Gone are the days of no equity 125% loans using statistical appraisals.  Millions of homeowners would run up credit card debts and then take out a fixed rate home equity loans that would consolidate their adjustable rate debt into one fixed payment that save them money.  

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Unfortunately the credit crisis and subprime meltdown sank the second mortgage market, so home equity loans are difficult to find.  80-20 loans and 100% home equity lines of credit all but vanished.  Cash refinancing and 2nd mortgage loan programs have changed significantly, so discuss your qualifications with a lender or loan officer.  Second mortgage refinancing is a great idea, especially if you have a variable rate credit line.  Refinance the HELOC in to a fixed rate home equity loan while the rates so favorable.

Lock into record low rates for fixed mortgage loans with rates dropping below 5%.  For today’s FHA mortgage rates, home equity loan rates and credit line rates, please visit our blog or talk to a loan officer by phone. Nationwide suggest reading additional blog posts and recommended mortgage refinancing articles. 

Take advantage of record low mortgage refinance rates up to 95% with FHA loans.  Visit us online for home equity loan advice anytime. In today’s marketplace the most important credentials for home equity loans remains high credit scores, more than 25% equity and verifiable income documentation that indicates to the lender that your income and liabilities do not pose a significant risk for home loan default.  If you are unable to qualify for FHA mortgage refinancing or a cash out credit line or home equity loans, consider Hope for Homeowners or a mortgage loan modification that ensures lower monthly payments from negotiated interest rate reductions regardless of  with bad credit or lack of equity.

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