Nonprime Home Equity Loans and HELOCs

Home Equity Loans for Bad Credit
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.

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.

Consilidate Debt with a Home Equity Loan

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.

National Home Equity Loan Spotlight

125 Second Mortgages
Fixed rate second mortgages have become dream loans for first time homebuyers and people with no equity because these loans allow you to exceed the appraised value with loans amounts allowed up to 125%. Now you can pay off bills, refinance variable credit card interest and get additional funds to finance some home improvements.

Also see options for No Income Verification Mortgage and Bad Credit Refinancing.

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.

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