What Second Mortgage Programs Are Available?

The most popular of 2nd mortgage programs are fixed home equity loans and adjustable rate HELOC lines of credit. While both enable borrowing against your home’s equity, they operate in distinct ways with different types of interest rates and different repayment terms.
Second Mortgage Programs are opening the door for cash out and debt consolidation without requiring a 1st mortgage refinance.

Nationwide provides a path to meet lenders that offer premium 2nd mortgage programs with home equity financing on both fixed and adjustable rate loans for debt consolidation or cash back.

Nationwide lenders offers a wide variety of second mortgage loan products with competitive interest rates and terms. We pride ourselves in offering home equity solutions for nearly every financing obstacle. We offer premium interest rates for both fixed and variable rates 2nd mortgages.

  • After accumulating equity in your home, you can secure a subordinate loan.
  • Second mortgages usually carry higher interest rates compared to primary mortgages.
  • Certain homeowners choose to take out a 2nd mortgage during periods of high interest rates instead of refinancing for cash out

A 2nd mortgage program presents an excellent fixed-rate choice if interest rates have increased since obtaining your current mortgage loan, and you aim to leverage your home equity. This allows you to access your home equity while retaining the low interest rate on your initial mortgage loan.

You can borrow loan amounts ranging from $20,000 up to $100,000, depending on your loan to value and credit score, and utilize the funds according to your preferences. Our commitment is to assist you in progressing toward your financial objectives.

Comparing 2nd Mortgages:  Home Equity Loan Versus HELOC

Opting for a home equity loan is typically logical when you have a precise borrowing amount in mind. For instance, if you possess $20,000 in credit card debt, you could obtain a $20,000 home equity loan to settle the credit cards entirely. Subsequently, you can adhere to the second mortgage amortization schedule stipulated in your loan agreement. Most fixed 2nd mortgage terms range from 120, 180, 240, 300 or 360 months

The HELOC is another popular 2nd mortgage program that works like a credit card, in that you only pay interest on what you use and you can borrow and reborrow. The HELOC loan carries an adjustable interest rate therefore the interest rates can change if the market does. It also makes send to compare the home equity loan and cash out refinance to make sure you are getting the best loan for your situation.

Get a quick quote from our experienced loan officers, who specialize in second mortgages. If you are considering taking out a 2nd mortgage, we recommend a free consultation from the experts at Nationwide. There has been some improvement on several of the 2nd loan programs with pricing and removed restrictions. Check out the HELOC loan requirements updated in 2024.

Popular 2nd Mortgage Programs to Consider:

2nd Mortgage to pay off tax lien | No Documentation Second Mortgage | Fast & Easy 2nd Mortgages | Low Rate Second Mortgage | Interest Only Second Mortgages

Rather than just assuming that your bank has the best loan for you, give us a try because we specialize in second mortgage programs. Refinancing your second mortgage can lower your payment and offer an opportunity to get additional cash out for financing home improvements or consolidating debts.

The second mortgage terms can differ based on the chosen loan type. You may opt for a one-year second mortgage for a modest sum that you can promptly repay, or select a 20-year second mortgage program for a larger loan amount.

Fixed Rate 2nd Mortgage Refinance – Convert your adjustable interest rate accounts into fixed rates

No Income Verification – No W2’s. No tax Returns.. No pay-stubs.

Take a minute and find out what the latest interest rates are for second mortgages. Review the latest updated for loan guidelines for debt consolidation or cash out refinancing.