Home Equity Line of Credit Programs

Homeowners are blessed with unique financing opportunities with low interest HELOC loans for house remodeling, home repairs, construction and more. With real estate values finally increasing again across the nation, millions of homeowners are eligible for home improvements that are typically tax deductible with affordable interest rates. Consider a home equity line of credit that enables you to finance home improvements at a rate and pace you are most comfortable with.

Your home is an expression of you, and it's something that you should be proud of as well as a place you can relax in. A big part of that means making sure that it looks its best and that it's in top shape, and home improvements are a part of life for virtually any homeowner out there today. Not only can taking on renovations and improvements help you enjoy your home more, but it can also help drive up the property values and increase your equity. As a result, it's well worth doing. The HELOC loan has become very popular for home repairs, remodels and new construction. Read about the latest changes to guidelines for home equity lines in 2017.

Luckily, it's also easier to do than ever before. Today's homeowners have numerous options for financing their home improvements, and if you want to repair or remodel, you'll have plenty of ways to do so. Here's a look at three of the most popular ways to finance your home improvements with a home equity line of credit.

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At BD Nationwide, our priority is to help our customers find the ideal Home Equity Line of Credit for their individual needs. We are dedicated to making sure that your lending experience is as easy and enjoyable as it can be. Let us help you reach financial stability today!

Frequently asked Questions for Home Equity Lines of Credit (HELOCS)

What is a home equity line of credit?
Home equity line of credit, AKA HELOC, is a second-mortgage, but it's not a simple interest loan like the traditional fixed rate second mortgage. Home equity lines have a revolving credit line for which your home is used as the security. The mortgage interest rate and payments are variable.

Their rates can fluctuate and change periodically according to the prime index as reported in the Wall Street journal. It is based upon this index plus a margin that is determined and stated in the agreement. The term is defined by a draw period that is usually 10 years. Interest only payments are the only payments due during the draw period.

Can I qualify for a credit line if I have bad credit scores?
We offer an array of home equity credit lines for people that have bad credit. Choose from multiple loans for a "bad credit refinance". We offer cash loans for borrowers with credit scores as low as 500. In most cases bad credit equity lines of credit are offered by private money lenders. The se lenders provide hard money credit lines to borrowers that have at least 30% equity. For borrowers with really low fico scores, we hear the lenders are requiring 40% equity so qualifying for a bad credit home equity line is not as easy as it once was. BDNationwideMortgage.com does not make hard money loans, but we may be able to connect you with private lenders that do offer credit lines to people with poor credit or unique circumstances that do not stay within the boundaries of home equity credit lines offered by traditional lenders and banks.

Apply for a Bad Credit Home Equity Loan or Line of Credit!

How do we determine how much equity we have?
If you are considering a second mortgage, then it is important to understand how much equity you have. Most loan programs allow you to borrow up to 100%. In some cases, you may qualify for a second mortgage that allows you to exceed your home's value. To estimate your equity in your home, take the difference between the value of a property and any outstanding mortgage balances. (ie. If your home is valued at $225,000 and you mortgage balances total $175,000, then you have $50,000 in estimated equity.)

What can I use a home equity line of credit for?
The options for how you spend the money is up to your discretion. The majority of homeowners are using their equity lines for consolidation debt, financing home improvements, financing education, and purchasing a 2nd home.

Don't want an adjustable interest rate? See Hone Equity Loan Rates

How do I compare second mortgage loans & home equity lines?
APR is the primary method for comparing the cost of credit. The Federal Truth in Lending disclosure evaluates interest charged, origination fees and other closing costs charged for the loan. Don't forget that the APR Disclosure is required by the federal Truth-in-Lending Act. It was created to assist and borrowers in comparing the costs of different mortgage loans. The APR, is a critical factor to analyze when researching home equity loans, and 2nd mortgages because it usually considers both interest and fees. Remember though that when you are comparing a fixed rate second mortgage to a home equity line of credit that you want to compare apples to apples. Home equity Lines are the exception to the APR Disclosure of the Federal Truth in Lending Laws, because they don't require the lender to factor in points and closing costs with the interest rate. Therefore, the APR for home equity lines of credit is not a true reflection of the cost of credit.

What are the primary advantages of a home equity line of credit?
The primary advantages from a home equity line of credit are lower payments monthly, because only the interest is due for the portion of the line that you accessed. The other benefit with an equity line of credit is that the interest rate is lower in most cases than the credit card rate.

In most cases, a home equity line of credit enables you to deduct the interest you pay when you file your tax return. Usually the interest you pay on credit cards not deductible for tax purposes. Consult with your tax advisor regarding the deductibility of interest.

Can I make additional principal payments?
Yes. You may make additional payments and request for it to be applied to pay down the principal.

Is there an early termination fee?
Some home equity loan programs do not have a "pre-payment" penalty for paying off the home equity line of credit. However, some home equity programs do have an early termination fee if you actually close the line.
(check state policy for termination fees)

Need Cash for Home Improvements? Talk with our loan specialists about credit lines today.

Additional Community Resources

The Federal Trade Commission has tips on credit cards and understanding the rates & terms. For more information, please visit ftc.gov/bcp/conline/pubs/
credit/choose.html

Maryland residents can seek counseling for Home Improvement, Rehabilitation & Homebuyer Education Programs For more information, please visit Cumberland Neighborhood Housing Services at cumberlandnhs.org

Florida residents can get free assistance with Home Equity Conversion, Fair Housing, Loss Mitigation & Relocation Counseling For more information, please visit Family Housing Advisory Services at: www.fhasinc.org

Free counseling for Finance Education Programs, Outreach Initiatives & Default Resolution For more information, please visit Virginia Housing Development Authority at: www.vhda.com

Assistance for Massachusetts' residents needing advice with Debt Management, Homebuyer Programs, & Services for Homeless. For more information, please visit Citizens' Housing and Planning Association At: www.chapa.org

Utilize Outreach Initiatives & Counseling for 1st time Homebuyers For more information, please visit Washington homeownership center at: www.homeownership-wa.org

What is Your Score?

One of the most important things to know before planning for an equity credit line is your credit rating.


Resource Tools


Refinancing Calculator
Analyze the benefits of refinancing. Get help calculating the monthly payment and discover the net interest savings. It will also calculate how many months it will take to get a return on investments for the mortgage loan costs.

Find the best home equity line rates in your state.

Free Finance Guides & Helpful Consumer Reports

Take advantage of our free guides and disclosures that help 1st time homebuyers.

Equity Credit Line Fed Tips
Understanding Credit Scores

Prime Loan Advice


Quick Closing Debt Refinancing

Cash for House Repairs
Swimming Pool Construction
Finance a Home Remodel
Home Renovation
Cash Out Refinance


Help from Home Equity Experts

Home Equity Line of Credit vs. the Fixed Rate Second Mortgage

Fixed rate mortgages offer a fixed amount, with a fixed payment for a fixed term. Payment schedules range from 10 to 30 years. If you know how much you need, and you believe it will be many years before you can repay the loan, then look at the 2nd mortgage with the fixed rate. Usually when you are consolidating long-term debt, the fixed rate loan makes more sense financially.

Maximize Your Investment with a Home Equity Line of Credit that Funds Housing Improvements for Increased Value.

Cash Out Loans for Homeowners

Home Improvement Loan Programs

More Featured Home Equity Pages:
Equity loan Consolidation | Tax Deductions | Compare Home Equity Loans | Non-Prime Loans | Cash Out Loans | Home Equity Refinancing | Fixed Rate Home Equity Loans | Bad Credit Home Equity Loans | Home Equity Loan Programs | Home Equity Lines | Home Equity Lines of Credit

Premium Home Equity Loan Products:
Home Improvement Loan | Home Equity Refinance | Fast Cash | Stated Income Home Equity Loans | Low Closing Cost | Discount Home Equity Loans | Home Equity Loans for First time Homebuyers | No Income-No Asset Home Equity Loan | Cash-Out Home Equity loans for Investing
Related Info:
Home Equity Guide | Home Equity Loan Rates | Home Equity Loan Terms | No Cost Mortgage
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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. BDNationwideMortgage.com does not extend home equity credit lines or guarantee approvals. BD Nationwide was affiliated with national lenders and a federally chartered bank located in Maryland licensed to offer home loans in all 50 states. Copyright 2001 and Beyond - BDnationwidemortgage.com is a website and cannot make loans. All rights reserved. All rights reserved. Please note that as of today, the interest only payment option is only available with the home equity line of credit.