Adjustable Rate Second Mortgages

Fixed Refinance Loans, Home Equity Line of Credit

Mortgage banker, Nationwide, offers fixed refinance loans for adjustable rate second mortgages, home equity lines of credit and cash out loans. Homeowners can select fixed, variable or interest only second mortgages with prime interest rates for life. If you are seeking a short-term fix then consider refinancing with a variable rate second mortgage that carries an interest only payment option that can improve your cash flow immediately. Adjustable 2nd mortgages are also called home equity lines of credit and they were created for homeowners seeking prime interest rates with flexible terms that allow you to only pay interest on the amount of home equity funds that you actually access. Consider taking out an adjustable rate second mortgage and make use of your home equity with cash out for home improvements, construction, debt consolidation or real estate investment properties.

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Refinance and lock into a fixed rate simple interest loan!

Adjustable Rate Second Mortgage

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Second Mortgage Lines to 125%

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Adjustable Rate Second Mortgages

Adjustable rate second mortgages are also called home equity credit lines. These lines are revolving lines of credit like credit cards, yet they are secured by your home collateral. Home equity lines are recorded on title as a second mortgage lien.

Unlike traditional second mortgages, the home equity line has a variable rate that can adjust at any time. Anytime the rate increases, so does your monthly payment. With adjustable rate second mortgages you only pay interest on the amount of cash used.

Most banks offer home equity lines of credit to 80 or 90% combine loan to value. Nationwide Mortgage Loans offers equity lines to 100% and even 125% in some cases. Lines of credit have interest only payments for the first 10 years of the loan. After the draw period, the remaining principal balance owed converts into a fixed rate loan amortized for 10, 15, or 20 years.

  • 100% Adjustable Rate Second Mortgage (HELOC)
  • 95%  Adjustable Rate Second Mortgage (HELOC)
  • 90%  Adjustable Rate Second Mortgage (HELOC)

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Second mortgage guide for loans, 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 Nationwide Mortgage Loan Company. For Adjustable rate mortgage loans APR calculations are based from the index & Lender based margins. All loan programs are subject to lending & underwriting approval. Unfortunately, not all loan applicants will be approved.
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Home Equity Line of Credit
Adjustable Interest Rate
Second Mortgage
Fixed Second Mortgage Rate

Home equity credit lines are revolving lines of credit like credit cards, yet they are secured by your home collateral. For Property title and recording purposes, home equity lines are considered second mortgage liens because like traditional fixed rate second mortgages, they are in 2nd position on your home's recorded title.

Unlike traditional second mortgages, the home equity line has an adjustable rate that can vary. With home equity line, you get approved for specific credit limit that you may or may not use. This option makes equity lines more flexible than fixed rate second mortgage loans, because you only pay interest on the amount of cash used from the line. This credit line can be used over and over. Most banks offer home equity lines of credit to 80 or 90% combine loan to value. Nationwide Mortgage Loans offers equity lines to 100% and even 125% in some cases. This process is streamlined with no income documentation required in most cases. Home equity lines allow borrowers to make interest only mortgage payments for the first ten years of the loan. When the draw period elapses, the remaining principal balance owed converts into a fixed rate loan that is amortized for 10, 15, or 20 years.

Second Mortgages are home equity loans with fixed rates. The fixed rate second mortgage loans offer a lump-sum with fixed payment schedules. (15, 20, 25 or 30 year fixed rate second mortgage)

Check out the 125% second mortgage that requires no equity in your home. 125% loans actually allow you to exceed your home's value. In this market, most people like fixed rate second mortgages because they have fixed terms that offer a hedge against inflation or market trends. If the Fed raises interest rates you can go to sleep at night knowing that your mortgage payment won't change.

The Fed has increased the prime rate significantly to the point where fixed rate second mortgages are lower in rate than the equity line variable rates start at.


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