Second Mortgage Interest Rates

At BD Nationwide, we pride ourselves in offering the best 2nd mortgage rates online for equity loans and credit lines. Did you know that second mortgage interest rates have dropped again for fixed 2nd loans and interest only credit lines? Like 1st mortgages, 2nd mortgage rates fluctuate so timing a refinance or cash out loan can be difficult. If you need cash for financing home improvements or if you currently have adjustable rate credit cards then you should take out a second mortgage loan now while the interest rates are affordable. 2nd mortgage interest rates are volatile like home mortgage rates, and they will rise or fall depending upon the economy, world affairs, employment figures, and home values. Nationwide Mortgage Loans is an experienced second mortgage broker who offers premiere fixed second mortgage rates and interest only equity loans for debt consolidation, low payment refinancing even if you have past credit problems.

According to the National Association of Realtors' recent forecast, new home construction have started to revive, and like clock-work, we have seen a significant spike in homeowners looking to cash in on low interest rate second mortgages.


In most cases second mortgage rates are higher than first mortgage rates, because the loan is in second position on the property title, and the risk factor is greater with a 2nd mortgage or home equity loan. If the borrower doesn't pay their mortgage, and the home goes into foreclosure, then the first mortgage company is paid 1st and the second mortgage company is paid back 2nd if there are enough funds after the sale. If someone lets their home go into foreclosure and they have no equity in their home, then the second mortgage lender gets nothing. These are a few of the reasons why the second mortgage interest rates are typically a percentage point or two higher for second mortgages.

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If you are considering a 100% or 125% second mortgage, then expect to pay three to six percentage points higher depending upon your credit score and combined loan to value. When you don't have any equity in your home, your fico score becomes even more important than it normally would. Interest rates for 125% home equity loans are driven almost solely off of credit scores. Residual income and debt to income ratio to have an impact as well, so the more income you can show the better for high LTV equity loans and second mortgages.

 Lien Position: Second Mortgage
Amortization: Principal & Interest Payments
Interest Rate Types: Fixed Interest or Variable Rates
Fixed Loan Terms: 15, 20, 25, or 30-year payment schedules

Taking out a second mortgage with Nationwide Mortgage Loans can help you transfer all of your consumer debts into one low mortgage payment. Get a free, no-obligation 2nd mortgage quote today and let us help you find the best equity loan options for maximizing your monthly savings! Lock into a Second Mortgage with a Fixed Rate.

 

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Rates on HELOCs and 2nd Loans have never been lower. Call for Free Loan Consultation.

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