Nonprime Home Equity Loans and HELOCs

Rebuild your credit with a low rate home equity loan!

Nonprime home equity loans offer borrowers with bad credit a second chance for cash out financing and debt consolidation loans regardless of low credit scores. BD Nationwide offers a path to review nonprime mortgage lenders offering 2nd mortgages and bad credit HELOC loans with private money financing for refinancing, regardless of fico scores or payment history. Take a second and review the updated 2020 guidelines for subprime equity loans, poor credit home equity lines of credit and non-conforming secondary financing. There are new opportunities that may help you get the money you are looking for, even if you have a bad credit score, a past bankruptcy or late payment.

Learn How to Get Approved for a Home Equity Loan with Low Credit Scores and Limited Documentation

You may want to consider the 100% home equity financing, with stated income and reduced doc options. It does not hurt that BD Nationwide has built strong relationships with lenders offering a full range of second mortgage and equity loan programs for today's non-prime credit scenarios. Rebuild your credit with a low rate home equity loan or bad credit home loan insured by FHA.

Loan Type Select ---------------> Mortgage Refinance Cash Out Refinance Home Equity New Home Purchase Property Type Select One-----------> Single-Family Detached Condominium Cooperative Multi-Family Dwelling Modular Mobile Home Manufactured Home Property Value Select One-----------> 1st Time Buyer 75,000 - 80,000 80,000 - 85,000 85,000 - 90,000 90,000 - 95,000 95,000 - 100,000 100,000 - 105,000 105,000 - 110,000 110,000 - 115,000 115,000 - 120,000 120,000 - 125,000 125,000 - 130,000 130,000 - 135,000 135,000 - 140,000 140,000 - 145,000 145,000 - 150,000 150,000 - 155,000 155,000 - 160,000 160,000 - 165,000 165,000 - 170,000 170,000 - 175,000 175,000 - 180,000 180,000 - 185,000 185,000 - 190,000 190,000 - 195,000 195,000 - 200,000 200,000 - 205,000 205,000 - 210,000 210,000 - 215,000 215,000 - 220,000 220,000 - 225,000 225,000 - 230,000 230,000 - 235,000 235,000 - 240,000 240,000 - 245,000 245,000 - 250,000 250,000 - 255,000 255,000 - 260,000 260,000 - 265,000 265,000 - 270,000 270,000 - 275,000 275,000 - 280,000 280,000 - 285,000 285,000 - 290,000 290,000 - 295,000 295,000 - 300,000 300,000 - 305,000 305,000 - 310,000 310,000 - 315,000 315,000 - 320,000 320,000 - 325,000 325,000 - 330,000 330,000 - 335,000 335,000 - 340,000 340,000 - 345,000 345,000 - 350,000 350,000 - 355,000 355,000 - 360,000 360,000 - 365,000 365,000 - 370,000 370,000 - 375,000 375,000 - 380,000 380,000 - 385,000 385,000 - 390,000 390,000 - 395,000 395,000 - 400,000 400,000 - 405,000 405,000 - 410,000 410,000 - 415,000 415,000 - 420,000 420,000 - 425,000 425,000 - 430,000 430,000 - 435,000 435,000 - 440,000 440,000 - 445,000 445,000 - 450,000 450,000 - 455,000 455,000 - 460,000 460,000 - 465,000 465,000 - 470,000 470,000 - 475,000 475,000 - 480,000 480,000 - 485,000 485,000 - 490,000 490,000 - 495,000 495,000 - 500,000 500,000 - 505,000 505,000 - 510,000 510,000 - 515,000 515,000 - 520,000 520,000 - 525,000 525,000 - 530,000 530,000 - 535,000 535,000 - 540,000 540,000 - 545,000 545,000 - 550,000 550,000 - 555,000 555,000 - 560,000 560,000 - 565,000 565,000 - 570,000 570,000 - 575,000 575,000 - 580,000 580,000 - 585,000 585,000 - 590,000 590,000 - 595,000 595,000 - 600,000 600,000 - 605,000 605,000 - 610,000 610,000 - 615,000 615,000 - 620,000 620,000 - 625,000 625,000 - 630,000 630,000 - 635,000 635,000 - 640,000 640,000 - 645,000 645,000 - 650,000 650,000 - 655,000 655,000 - 660,000 660,000 - 665,000 665,000 - 670,000 670,000 - 675,000 675,000 - 680,000 680,000 - 685,000 685,000 - 690,000 690,000 - 695,000 695,000 - 700,000 700,000 - 705,000 705,000 - 710,000 710,000 - 715,000 715,000 - 720,000 720,000 - 725,000 725,000 - 730,000 730,000 - 735,000 735,000 - 740,000 740,000 - 745,000 745,000 - 750,000 750,000 - 755,000 755,000 - 760,000 760,000 - 765,000 765,000 - 770,000 770,000 - 775,000 775,000 - 780,000 780,000 - 785,000 785,000 - 790,000 790,000 - 795,000 795,000 - 800,000 Over 800,000 Credit Rating Select ---------------> Excellent Good Fair Poor

In most cases, the lower the fico scores, the more equity you will need to qualify for a nonprime home equity loan. For example, if you have a 640 credit score you may qualify for a 100% equity loan, and if you have a 500 credit score you may qualify for a 70% hard money loan. Before committing to hard money, consider a bad-credit home equity loan to consolidate unsecured loans and revolving credit card accounts. If you are looking for an equity loan for credit scores under 600, we can help you review competitive offers.

Find Affordable Home Equity Loan Guarantees Even with a Non-Prime Credit History

The timing for homeowners to tap their equity in 2020 looks very promising as property values continue to rise across this great nation. As the consumer real estate in the U.S. has rebounded with strength growth, more and more mortgage companies have rolled out attractive home equity credit programs, even for borrowers with less than amazing credit. Ask your loan officer if you are eligible for the bad credit HELOC or cash-out refinance loan with new requirements. We are hearing that more consumers are qualifying for home equity loans with lower credit scores this year.  

BD Nationwide provides home equity credit lines and second mortgage solutions to help borrowers consolidate installment loans and credit card accounts. Consider refinancing your bad credit HELOC to get a lower fixed interest rate. Homeowners are seeking lower payments by means of home equity loans. Find out how much our clients are saving each month year by refinancing the revolving interest of their credit cards into a fixed simple interest second mortgage for significant monthly savings.
Non-Prime Home Equity Loans
• Fixed Rate Non-Prime Home Loans • Sub-prime Second Mortgages • Bad Credit Home Equity Line of Credit • 1st and 2nd Mortgage Consolidation • Fixed Rate Hard Money Loan • Tax Deductible Mortgage Interest • No Mortgage Insurance Ever! Find the Lowest Nonprime Mortgage Rates Online

4 Ways the Home Equity Loan Is Better than Credit Cards for Financing House Improvements and Consolidating Consumer Debts

As interest rates have continued to rise on mortgages, fewer Americans are refinancing their first mortgages and pulling out cash. It is hard to justify a first mortgage refinance with a higher interest rate, so why not choose a HELOC or home equity loan for bad credit.

So, more home-owners are opting to get a home equity loan to take equity out of their property. A home equity loan is a lump sum second mortgage that allows you to use the equity in your property for a variety of things. Even a home equity loan with bad credit has a fixed rate that, while higher than a first mortgage rate, is still much lower than you can get for most other unsecured loan products.

Common uses of a home equity loan are to consolidate high interest credit card debt and to fund expensive home renovations. If you are thinking about tapping the growing equity in your home in 2020 or beyond, here are 4 ways a home equity loan is better than credit cards.

#1 Low Home Equity Rates

If you have been paying attention to the credit card rates, you will see that they have been inching higher as the Fed increases its key interest rates. When the Fed decides to increase rates to fight inflation in a growing economy, this makes credit card and car loan rates go higher almost immediately. Some Americans are paying more than 25% interest on their credit card debt!

If you can get a home equity loan with an 8% interest rate, you could easily save $1600 per year in interest on $10,000 of credit card debt, assuming a 20% interest rate. Imagine what you could do with that extra money in your account.

#2 Monthly Payments Are Stable

A home equity loan is a fixed rate, fixed term loan. You will know exactly what you are going to pay each month and for how long. This is a good option for people who want to have financial stability. A home equity line of credit or HELOC may have a lower initial rate, but that rate can go up over time once the introductory period is over.

#3 Home Equity Loan Is Amortizing

When you take out a home equity loan, you will be paying principal and interest on the loan from the very beginning. This does lead to a higher initial payment than a HELOC in most cases; a HELOC typically has a lower rate and interest only payments during the draw period – usually five or 10 years. That leads to a lower payment in the beginning. But remember, the HELOC payment at first is not amortizing. So, you are not reducing principal. An equity loan is amortizing from the start. You know that in 10 or 15 years that the loan will be fully paid off.

A home equity loan beats credit cards in this case too; while you will eventually pay off credit cards by making minimum monthly payments, it can take decades. You will pay off a home equity loan and pay much less in interest in 10 to 15 years – the typical term for these loans.

#4 Tax Benefits

There still are some tax advantages to taking out a home equity loan. With the new tax laws passed at the end of 2017, you can deduct the mortgage interest on your home equity loan, IF the money is being used for a home renovation project. Talk to a tax adviser that you trust to determine if an equity loan with bad credit provides tax advantages and financial benefits. The laws for deducting interest on HELOCs and home equity loans may change in 2020, so talk to a tax consultant to maximize your financial state.

This is a huge advantage over credit cards. Not only will you save thousands of dollars in interest: You also will be able to write off the mortgage interest on your taxes! This may save you at least a few hundred or a few thousand in your annual tax bill.

While a home equity loan has many great benefits over credit cards for funding home renovations, it is important to consider the down sides.

First, the loan is secured by your home. If you do not pay your home equity loan, your home could go into foreclosure.

Second, if housing prices drop dramatically (this happened in the last recession), you could be underwater on the home. This means you cannot sell the house without losing money.

Third, keep in mind that treating your home like an ATM is dangerous financially. Experts recommend only using home equity for expenses that will pay you back, such as a home renovation project. If the renovation makes financial sense and adds value to the home when you sell, it can be a good move.

Get a free, no-obligation non-prime home loan quote today and let us help you find the best equity loan options with poor credit for maximizing your monthly savings! Lock into an equity loan with a fixed interest rate regardless of how bad your credit score is.