Nationwide offers flexible second mortgage lines with interest only and variable rates for credit lines held in 2nd position.
Second Mortgage lines are revolving lines of credit like credit cards, yet they are secured by your home collateral. Second Mortgage lines are recorded on title as a second mortgage lien. With home equity lines of credit you only pay interest on the amount of cash used. Credit lines 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. 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.
Credit Rating : Poor Fair Good or Excellent. Key qualifiers : property value, credit score, and stated income OK.
Borrower and Re-Use Funds with
Home Equity Lines of Credit
125% Second Mortgage Line of Credit - Excellent credit only!
100% Second Mortgage Line of Credit - Good and Excellent credit required!
90% Second Mortgage Line of Credit - Good and Fair credit scores are accepted!
80% Second Mortgage Line of Credit - All types of credit scores are allowed!
Second mortgage loan programs, 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.
Analyze the benefits of refinancing. Get help calculating the monthly payment and discover the net interest savings. It will also calculate how many months it will take to get a return on investments for the mortgage loan costs