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Home Equity Loan Rates
Nationwide Mortgage Loans offers free quotes and updated interest rates for second mortgages, home equity loans, and home equity lines of credit. Get the current interest rates with daily home equity rate updates. Our team of loan professionals will assist you in finding out what interest rates you qualify for whether you need rates for refinancing, cash out or consolidating debt. Take advantage of our second mortgage experience and compare our vast selection of home equity loans that are offered to homeowners with all types of credit. Compare prime interest rates for home equity loans, and determine whether an interest only payment with an adjustable rate home equity credit line is good for your situation. We will help you find the lowest interest rates in your state and get you approved quickly with very little documentation required.
If you have less than perfect credit, we offer home equity programs for people with past late payments, collections or bankruptcies. Nationwide offers a simple online form that is easy to complete in seconds. Relax at home comparing interest rates and home equity terms and conditions. Nationwide Mortgage Loans is one of the few lending brokers to offer equity loans and 2nd mortgages behind negative amortization loans and payment option ARM’s. Call 1-877-212-9478 to get more information from a professional loan officer.
Home Equity Loans to Consider |
Fixed Rate Home Equity Loans
Home equity loans are second mortgages that are secure to your home and have fixed interest rates. The fixed rate second mortgages offer a lump-sum with fixed payment schedules. (15, 20, 25 or 30 year fixed rate second mortgage).
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Home Equity Line of Credit
Home equity lines are revolving lines of credit like credit cards, yet the are secured by your home collateral. With 2nd lines of credit you only pay interest on the amount of money you spend. Credit lines are revolving accounts that can be used over and over. |
Please complete this simple form to receive a personalized Home Equity rate request from Nationwide Mortgage Loans.
Once you have completed this request for a rate quote, your information will be sent to Nationwide Mortgage Loans. A professional loan officer at from Nationwide Mortgage Loans will contact you by telephone or email.
Financing Home Improvements with Home Equity Lines of Credit |
The Federal Reserve defines a home equity line of credit (HELOC) as a form of revolving credit in which your home serves as collateral. Many home equity lenders determine the equity with which you have to work by taking a percentage (e.g., 75%) of the home's appraised value and subtracting from that the balance owed on the existing mortgage. In determining what type of credit line you qualify for, these lenders consider not only your equity, but also your ability to repay the line by looking at your income, debts, and other financial obligations as well as your FICO credit scores.
Home equity credit lines or HELOC’s are a popular way to finance home improvements because of their revolving nature. It makes it easier to pay different contractors as their payments come due with the revolving credit line. Many people are also drawn to the interest only payment option during the draw period--the period of time where borrowers can repeatedly draw against their credit lines (typically the first 10 years of the loan).
At the end of the draw period, you may be allowed to renew the credit line and continue borrowing against the line. If your plan does not allow renewals, you can't borrow additional money, and you have to repay the principal balance of the loan. Some plans may call for payment in full of any outstanding balance at the end of the draw period (balloon payment). Others may allow you to make monthly amortized payments over a fixed "repayment period" of typically 10 years. This is considered the responsible year of the term, because the interest rates are converted from variable to a fixed rate term to ensure that the bank is paid back the full amount plus the interest they are owed. |
Shopping for a Low Rate HELOC |
The Federal Reserve strongly suggests that you read the credit agreement carefully, and examine the terms and conditions of various plans, including the annual percentage rate (APR) and the costs of establishing the plan. The APR for a home equity line, like other adjustable rate mortgages (ARMs), is based on the interest rate alone and will not reflect the closing costs and other fees and charges, so you'll need to compare these costs, as well as the APRs, among lenders.
Unlike home equity installment loans are usually fixed rate 2nd mortgages and home equity credit lines are generally variable-rate loans based on a publicly available index (such as the prime rate published in the Wall Street Journal or a U.S. Treasury bill rate). In addition to this, you'll also pay a fixed-rate, lender-specified margin that is typically expressed as a percentage (e.g., 2%). Interest rates for HELOC’s change, mirroring fluctuations in the value of the index. So, it is also important to find out which index is used, how often the value of the index changes, and how high it has risen in the past as well as the amount of the margin. |
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