Debt Consolidation Second Mortgage
Fixed 2nd Loans for Consolidating Credit Cards and Revolving Debts

2nd Mortgage Consolidation

The most common purpose for a second mortgage continues to be refinancing debt and bill consolidation. Nationwide has become a premiere lender with low rate guarantees for no equity mortgage loans, home refinancing and consolidating high rate credit card debts. We offer fixed rate refinancing with debt consolidation loans for people with good and bad credit. A consolidation mortgage enables you to refinance debts and installment loans by taking out a junior lien to finance cash for credit card consolidation and reduced monthly payments.

We recommend converting all revolving credit card debts into a second mortgage that features a fixed interest rate. Debt consolidation mortgages are increasing in popularity because they can lower your payments and offer additional tax deductibility that credit cards do not offer.

According to Dan Ambrose of Irwin Home Equity, "Consolidating the compounding interest from credit card debt can save you thousands of dollars a year." We suggest consumers consider a fixed debt relief mortgage solution that allows consolidation of high rate loans and revolving accounts that have high rates of interest."


What is more effective for debt consolidation? A second mortgage or first mortgage refinance?
The most effective mortgage for refinancing debt depends on the size and current rate of your 1st mortgage. If you presently have a fixed mortgage rate under 4% then a second mortgage will most likely save you the most money when combined with your existing first loan.

If you have an interest rate that is adjustable or higher than 3.75% then you may want to consider refinancing your debt with a new refinance loan.


Debt Consolidation 2nd Mortgage

Fixed Rate Loan Consolidating

Fixed Mortgage for Debt Consolidation

Refinance VAR Rate Debts

Credit Card Consolidation

Simple Interest Loans

Consolidate all of your debts into
one low monthly payment.

No PMI & No Mortgage Insurance

Debt Relief Mortgage Plans

Learn more about 125 Second Mortgages

In most cases, debt consolidation is an effective tool for getting your credit card debts and high interest loans paid off quicker. 

Debt Consolidation 101: Can I Get a Home Equity Loan with Bad Credit?
By Maria Ny

Debt consolidation, credit card consolidation and loan consolidation are three of the most common reasons people seek mortgage refinancing or home equity loans (second mortgages). If your first mortgage rate is low, but you still want to consolidate your debts, rather than a mortgage refinance, a second mortgage may be your best bet. But, if you've had a past bankruptcy or otherwise have bad credit, you may wonder if you can even secure a second mortgage with a fixed mortgage rate that could help control the compounding interest of credit card debt.

Yes, you can get a home equity loan with a previous bankruptcy and bad credit, but you'll be paying a higher interest rate than someone with good credit. It could even help raise your FICO scores, and the rates will definitely be less than that of credit card debts. Plus, you could enjoy a 100% tax deduction on the interest you pay on your loan.

The following will help you get the best possible rate for your bad credit second mortgage loan and provide tips on how you can work towards raising your FICO scores, so you can get better rates later on.

Before shopping for a loan, first order you credit reports from each of the credit reporting agencies, as described in "How to Improve Your Credit Score". Once you've corrected the errors, order your FICO scores from myfico.com. That's the only place you can get the same FICO score information as lenders have when evaluating the risk of granting you a loan. You'll also be able to determine what you need to work on to raise your FICO scores.

The pie chart to the left shows the weighting of factors in a FICO score, according to Fair Isaac, the organization that created the FICO credit scoring system.

Fair Isaac also gives the following advice on shopping for your home equity mortgage loan, so you don't end up lowering your FICO score even more with too many inquiries:

Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though you're only looking for one loan. To compensate for this, the score ignores all mortgage and auto inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for auto or mortgage inquiries older than 30 days. If it finds some, it counts all those inquiries that fall in a typical shopping period as just one inquiry when determining your score.

Quite often paying off your debt in a second mortgage can save you thousands of dollars each year. Credit card interest has compounding interest, and second mortgages with fixed rates have simple interest. Compounding interest can hurt you, because you pay interest on top of principal & interest. Simple interest offers fixed rates and fixed terms.

Should I Get a Home Equity Mortgage With a Fixed or Adjustable Rate?

The second mortgage choices of which kind of loan are easy. It really comes down to two home equity options: a fixed rate loan or an adjustable rate loan. When consolidating debt, a fixed rate mortgage makes the most sense because it offers a definitive payment and period in which the debt will be paid off.


Other Popular Debt Consolidation Loans to Consider:

Please view the popular loan products below. If you need more information, Please select the loan that meets your financing goals most. To get more details click the relevant link below to get more information and helpful advice.

125% Second Mortgage Bill Consolidation 2nd's Fixed Rate 125% Mortgage

*Debt consolidation loan approvals are subject to submitting an application to Nationwide Mortgage Loan Company. The critical conditions required for approvals are underwriting qualifications such as: verification of income, employment, assets and other information like obtaining an acceptable property.

This can be a great aid in budgeting and setting goals to become debt free. Take a look at your monthly statements for loans and credit cards, and add up the monthly totals. Do you have a good plan for paying off the debt. Ask yourself this question. Are you paying down some of the debt's principal each month? If you don't have a good plan in place, and you have a lot of credit card debt, then it's time to contact BD Nationwide for a free consultation on mortgage debt relief from one of our friendly loan officers.

Nationwide Home Equity Loan Spotlight

125% Home Equity Loans
Fixed rate home equity loans have become the #1 loan of choice for 1st time homebuyers who have no equity. These loans enable borrowers to exceed the appraised value with loans amounts that go to 125%. Now you can pay off debts, refinance variable credit card interest and get additional funds to finance some home improvements.

Also see options for No Income Verification, Debt Consolidation Loans and Bad Credit Refinancing.

Many loan companies will charge a fee for applying for a loan. Nationwide Mortgage Loans never charges you an application fee and there is no obligation to do a loan with us.  We offer Free loan quotes that will help you determine the interest rate and payment info.  Our friendly loan team can help you find the best second mortgage for your situation.

Debt Investment Calculator
This calculator will help you understand how much interest you can save by eliminating debt.

Loan Payment Calculator with Amortization Schedule
How much will my monthly loan payment be at various compounding intervals?

 

Resource Tools

ARM vs. Fixed Rate Calculator
How does a fixed rate 1st or 2nd mortgage compare to an adjustable rate mortgage or home equity line of credit?


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Second Mortgage News

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Consolidating Credit Card Debt with a Mortgage Refinance

Refinance or Second Mortgage? - Either type of loan is considered great for consolidation mortgages.

Credit Card Debt Settlement or Consolidation Mortgage

Compare these popular programs if you are looking for a "debt consolidation mortgage"
Related Second Mortgage Pages:
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