Getting Cash Out

Home Equity Loan Options for Getting Cash or Consolidating Mortgages and Debt
By Lynda Nelms

Home equity loans can be your best friend, when you find yourself in a pinch for cash and don't want to refinance your entire mortgage. These cash out equity loans are considered second mortgages that are held in second position on the property title. In the past home equity loans have increased in popularity with homeowners during periods in which the Federal Reserve is hiking key interest rates.

According to several large home equity lenders, the secondary loan volume increases when interest rates climb, because homeowners don't want to refinance the first mortgage lien. Senior loan officer, Brendon Daly said, "People don't want to pay higher interest rates on their 1st mortgage to just get a $50,000 in cash, when they can get a home equity line that doesn't charge any interest until the funds are accessed. Daly continued, If a borrower has a $650,000 first mortgage that has a fixed rate under six percent, why on earth would they want to refinance just to get a little cash." As Brendon demonstrated, there are many opportunities and good reasons to take out a home equity loan.

6 Benefits to getting cash out using your home equity with a second mortgage:

  • Cash for Financing Home Improvement Projects

  • Consolidate Credit Cards and with Fixed Rate Loans

  • Down-Payment Funds for Investment Home Purchase

  • Cash Lines of Credit for Reserves

  • Tax Deductibility with Second Mortgage Interest

  • Lower Monthly Payments from Debt Consolidation

 

Preferred Loan Type
Property Type
Property Value
Credit Rating


Resource Tools

Loan Comparison Calculator
This calculator will help you to compare the total mortgage interest charges of 4 types of loans.

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


Second Mortgage Guide
1-877-212-9478

Helpful Debt Consolidation Pages:
Debt Consolidation Mortgage | Debt Elimination | Second Mortgages | Debt Relief | Debt Management | Debt Reduction | 125 Loans | Debt Financing | Getting Out of Debt | Loan Consolidation | Credit Card Consolidation | Paying Off Debts
Other Popular Loan Products:
Combo Mortgage Loans | 125% 2nd Mortgage | 100% | Refinance Mortgages | Sub-Prime Refinancing | Compare Home Equity Loans
Rate Assumptions | Home Equity & Mortgage Handbooks | Apply Now | Disclosures and Terms | Home Loan | About Us | Contact Us | Testimonials | Privacy | Home Loan Index | Site Map
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 2001-2010 and Beyond, Nationwide Mortgage Loans - BDnationwidemortgage.com is a website and cannot make loans. All rights reserved.