Nationwide Mortgage Loans Offers a Convertible Home Equity Line of Credit with Options to Refinance Portions to a Fixed Rate Second Mortgage Loan

Lynda Nelms, a Sr. Loan Officer with Nationwide, said, "This is a progressive loan that allows my borrowers to be savvy using their home equity when they see fit, while converting adjustable rate interest into a fixed rate second mortgage with a simple interest amortization." Nelms continued, "These days I find homeowners need cash out for debt consolidation or home improvements, but they already have a large second mortgage."

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We are proud to offer an exclusive line of credit that features an interest rate conversion feature that converts variable interest rates into fixed rate 2nd mortgages. Our unique home equity program allows homeowners to convert portions of their adjustable rate equity line into fixed rate home equity loans. Another key feature is that this second mortgage allows you to keep the unused portion of the home equity line open. Conversion options are available to convert a portion or all of the home equity line balance to a fixed interest rate home equity loan. This program allows you to convert HELOC portions to fixed rate loan eight times during the draw period.

Advances for fixed second mortgage rates can be requested at anytime during the ten-year draw period: Three fixed rate advances may be open at any one time. The conversion feature limits you to a total of eight fixed rate advances may be requested over the draw period. In addition, there are no lending fees to convert to a fixed rate. Loan advance options are based on the balance requested.

(PRWEB) August 29, 2006 -- Nationwide Mortgage Loans introduces a smart home equity loan that can separate into several loans with both fixed and adjustable rates. Nationwide has released a new home equity product that boasts of a convertible home equity line of credit offering options for turning variable interest rates into fixed rate second mortgages. Nationwide proudly presents the "Fixed Rate HELOC Conversion Program." This unique home equity program allows homeowners to convert portions of their adjustable rate equity line into fixed rate home equity loans. Another key feature is that these second mortgages allow you to keep the unused portion of the home equity line open, while fix the interest rate for the specified portion. In that sense, the HELOC splits into two loans. (one loan is a fixed lump-sum loan and the other is an open end line of credit).

Conversion options are available to convert a portion or all of the home equity line balance to a fixed interest rate home equity loan. This program allows you to convert HELOC portions to fixed rate loan eight times during the draw period.

Advances for fixed second mortgage rates can be requested at anytime during the ten-year draw period: Three fixed rate advances may be open at any one time. The conversion feature limits you to a total of eight fixed rate advances may be requested over the draw period. In addition, there are no lending fees to convert to a fixed rate. Loan advance options are based on the balance requested.

Lynda Nelms, a Sr. Loan Officer and Mortgage Consultant at Nationwide, said, "This is a progressive loan that allows my borrowers to be savvy using their home equity when they see fit, while converting adjustable rate interest into a fixed rate second mortgage with a simple interest amortization." Nelms continued, "These days I find homeowners need cash out for debt consolidation or home improvements, but they already have a large second mortgage." Read Entire Fixed Home Equity Line Press Release at PRWEB.com

 

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BD Nationwide Mortgage, 515 Encinitas Blvd. Ste 100, Encinitas, California 92024
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