Comprehensive Guide for Second Mortgages

With the housing market continuing its pace this year, borrowers continue applying for second mortgages. With consumer debt soaring and 1st mortgage rates higher than they were a few years ago, we anticipate the quench for second mortgages will continue in 2024.

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Nationwide offers access to a lending platform where you can shop for second mortgages online. We will help you find lenders offering the best second mortgage programs and equity loans to help you refinance, purchase or consolidate debt with low 2nd mortgage rates.
You will find just about everything you need here for second mortgages with fixed or adjustable rates for financing or cash out refinancing. With the housing market rebounding, more second mortgage programs will be introduced to fulfill more borrower needs.
With a wide variety of second mortgage programs, our team looks forward to helping you find a 2nd mortgage solution. We offer programs that reward home equity, as well as loan products that require no equity at all. Good credit…bad credit…We offer prime, subprime second mortgages and FHA loans that will help you refinance debt or finance home improvements.
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Shop 2nd Mortgages, Equity Loans & Refinance for Debt Consolidation & More

BD Nationwide began as a home equity loan company, specializing in services like cash-out, HELOCs, home equity credit lines, no-equity loans, and debt consolidation refinancing. We provide a variety of options, including fixed rates or interest-only home equity lines of credit. Operating on a national scale, we offer high-quality home equity loans covering a diverse range of second mortgages.

Our extensive portfolio encompasses all types of home loans in both the first and second positions, presenting refinancing options such as fixed-rate installment loans and revolving credit lines. As a leading home equity loan provider, BD Nationwide stands out by still offering 100% and 125% mortgage loans. We serve prime equity loan refinancing and lines for those with good credit, as well as subprime home equity options for borrowers with less-than-ideal credit.

BD Nationwide remains dedicated to upholding its status as an industry leader in high loan-to-value (LTV) equity loans and home refinancing transactions. Dan Ambrose, an IHE Account Executive, emphasized, “No broker has a better understanding of home equity loans” in a recent article.

Due to an increase in equity loan defaults, qualifying for home equity loans has become more challenging. For individuals with fair or imperfect credit, FHA refinance loans present a viable solution, requiring minimal equity. These loans allow borrowers to receive cash back, ranging from 85% to 95% loan-to-value.

Stated income loans are an option, allowing first-time homebuyers to qualify for loans without having to document their income. It’s important to note that no-income mortgage loans are challenging to qualify for, requiring ample equity and high credit scores. Keep in mind that an equity loan with less documentation typically necessitates a higher level of equity.

If you would rather not refinance your 1st mortgage, but need cash out for consolidating debt or financing home improvements, then Nationwide is the lender to help you maximize your home’s equity will minimizing the cost of refinancing. Cash out equity loan and home refinancing volumes have increased significantly this year, and the consumer demand is sure to drive expanded guidelines for larger loan amounts.
Please review the loan program details for second mortgage products that are available with B.D. Nationwide. The mortgage guide below can assist you in selecting a loan that is best for your situation. Please be aware that 2nd mortgages are subordinate liens that would be taken out, in addition to your 1st mortgage.

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Bad Credit 2nd Mortgage Qualifications – Gain further information on the FICO scores required for specific second mortgage programs. Explore the details of how much underwriters may approve based on your payment history reported by Trans Union, Experian, and Equifax.

Simple Interest Second Mortgages – These second mortgage programs are tax-deductible installment loans that compute interest using simple interest amortization. This type of interest proves more advantageous for consumers compared to compounding interest that accelerates debt growth.

125 Second Mortgages – These are fixed-rate mortgages that extend up to 125% combined loan-to-value. First-time homebuyers with excellent credit ratings (680+) are eligible. Key qualifiers include property value, high credit scores, and no stated income allowed.

Second mortgage fees often exceed first mortgage costs due to the higher risk associated with loans in the second position. Second mortgages have higher default ratios than first-position mortgages, prompting lenders to charge more upfront fees. Nationwide offers no-point loans and no “out-of-pocket” fee second mortgages. Most borrowers prefer rolling the fees into the loan.

Interest rates and services may not be available to residents in certain states, with state restrictions potentially applying. For updated licensing information, please send a request to BD Nationwide. For adjustable-rate mortgage loans, APR calculations are based on the index and lender-based margins. All loan programs are subject to lending and underwriting approval, and unfortunately, not all loan applicants will be approved.

Many financial experts consider both types of second mortgage loans as valuable tools for homeowners to access quick cash and consolidate high-rate consumer debts. Our second mortgage experts are here to assist you in finding the best loan that maximizes savings.

Second Mortgage Financing
Now you can finance a second home or an 80-20 home purchase can be easier these days with various 2nd mortgage financing options to meet the needs of nearly every type of borrower. For more info on purchase loan options talk to your loan officer about program eligibility.
Interest rates and services offered may not be available to residents in certain states. State restrictions may apply. For updated licensing info please mail request to BD Nationwide. For Adjustable rate mortgage loans APR calculations are based from the index and lender based margins. All 2nd mortgage programs are subject to lending & underwriting approval. Unfortunately, not all loan applicants will be approved.
Be realistic when you are borrowing money against you home.  Never assume income increases when budgeting for a second mortgage.  Look at the hard dollar savings, like how much money you are saving each month.  Consider tax deductions as the “icing on the cake.”