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Debt Consolidation Second Mortgages
Nationwide Mortgage Loans offers cost effective debt consolidation second mortgages for monthly payment reduction and increased savings.
Our loan company has become a premiere mortgage broker with low rate guarantees for 125% second mortgage, home equity loans, credit card refinancing, and fixed rate debt consolidation loans for people with good & bad credit.
Consolidate and refinance your debts and installment loans by taking out a second mortgage to finance cash for credit card consolidation and reduced monthly payments. |
Minimize your debts with a
second mortgage!
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We recommend converting all revolving credit card debts into a second mortgage that features a fixed interest rate. Debt consolidation second mortgages are increasing in popularity because they can lower your payments and offer additional tax deductibility that credit cards do not offer.
| What is more effective for debt consolidation? A second mortgage or first mortgage refinance? |
The most effective mortgage for refinancing debt depends on the size and current rate of your 1st mortgage. If you presently have a fixed mortgage rate under 6.5% then a second mortgage will most likely save you the most money when combined with your existing first loan.
If you have an interest rate that is adjustable or higher than 7% then you may want to consider refinancing your debt with a new refinance loan.
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Debt Consolidation Second Mortgage
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Fixed Rate Loan Consolidating |
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Second Mortgages to 125% |
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Refinance VAR Rate Debts |
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Credit Card Consolidation |
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Simple Interest Loans |
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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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First Time Homeowners OK |
Learn more about
125 Second Mortgages
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In most cases, debt consolidation is an effective tool for getting your credit card debts and high interest loans paid off quicker.
Debt Consolidation 101: Can I Get a Home Equity Loan with Bad Credit?
By Maria Ny |
Debt consolidation, credit card consolidation and loan consolidation are three of the most common reasons people seek mortgage refinancing or home equity loans (second mortgages). If your first mortgage rate is low, but you still want to consolidate your debts, rather than a mortgage refinance, a second mortgage may be your best bet. But, if you've had a past bankruptcy or otherwise have bad credit, you may wonder if you can even secure a second mortgage with a fixed mortgage rate that could help control the compounding interest of credit card debt.
Yes, you can get a home equity loan with a previous bankruptcy and bad credit, but you'll be paying a higher interest rate than someone with good credit. It could even help raise your FICO scores, and the rates will definitely be less than that of credit card debts. Plus, you could enjoy a 100% tax deduction on the interest you pay on your loan.
The following will help you get the best possible rate for your bad credit second mortgage loan and provide tips on how you can work towards raising your FICO scores, so you can get better rates later on.
 Before shopping for a loan, first order you credit reports from each of the credit reporting agencies, as described in "How to Improve Your Credit Score". Once you've corrected the errors, order your FICO scores from myfico.com. That's the only place you can get the same FICO score information as lenders have when evaluating the risk of granting you a loan. You'll also be able to determine what you need to work on to raise your FICO scores.
The pie chart to the left shows the weighting of factors in a FICO score, according to Fair Isaac, the organization that created the FICO credit scoring system.
Fair Isaac also gives the following advice on shopping for your home equity mortgage loan, so you don't end up lowering your FICO score even more with too many inquiries:
Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though you're only looking for one loan. To compensate for this, the score ignores all mortgage and auto inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for auto or mortgage inquiries older than 30 days. If it finds some, it counts all those inquiries that fall in a typical shopping period as just one inquiry when determining your score. |
Quite often paying off your debt in a second mortgage can save you thousands of dollars each year. Credit card interest has compounding interest, and second mortgages with fixed rates have simple interest. Compounding interest can hurt you, because you pay interest on top of principal & interest. Simple interest offers fixed rates and fixed terms.
This can be a great aid in budgeting and setting goals to become debt free. Take a look at your monthly statements for loans an credit cards, and add up the monthly totals. Do you have a good plan for paying off the debt. Ask yourself this question. Are you paying down some of the debt's principal each month?
If you don't have a good plan in place, and you have a lot of credit card debt, then it's time to contact Nationwide Mortgage Loans for a free consultation from one of our friendly loan officers.
Start Saving & Apply Online for Second Mortgage
Loan Features
- Fixed Rate Second Mortgage
- Up to 125% cltv
- First Time Home-buyers OK
- Bad Credit OK
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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