Second Mortgages

Nationwide Mortgage Loans offers free loan comparison quotes for fixed rate second mortgages and adjustable interest home equity lines of credit. Our lending company provides many types of second mortgages for consumers looking to get cash out of their home through subordinate financing measures. Our experienced loan officers and mortgage brokers offer free loan comparison quotes for 2nd mortgages with fixed interest, as well as, variable rate lines of credit that feature interest only payment options.

Second mortgages offer you the ability to access cash with your home equity, without you being forced to refinance your existing low rate mortgage in first position.


Compare Variable and Fixed Rate Second Mortgages

At this time, most homeowners are taking out fixed rate second mortgages to refinance long-term debt, like credit cards or variable rate loans that have recently experienced significant increases in interest rates and monthly payments. Most people are using the adjustable rate credit lines for short term financing for construction, and home improvement projects. It is easy to get caught up in life and forget about your adjustable rate line of credit. Don’t forget to lock your second mortgage with a fixed rate amortization schedule.

  • Second Mortgages for Credit Card Consolidation to 125%
  • Fixed Second Mortgages for Refinancing Variable Rate Loans
  • Home Equity Credit Lines for Home Improvement and Construction
  • Second Mortgages for Buying 2nd Homes and Rental Units
  • No Mortgage Insurance or PMI with Second Mortgages!

Second Mortgages - Fixed or Variable Rate?

Which 2nd mortgage is right for you? Do you need a Line? or a Loan? Please review this side-by-side second mortgage analysis that can help you make a decision which loan is better for your situation.

Home Equity Line of Credit
Variable Rate Second Mortgages
Second Mortgage
Fixed Rate Second Mortgage Loan

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.

Nationwide offers many different types of home equity loans, but the fixed rate second mortgage is the most popular loan for many reasons. The fixed rate 2nd's have a lump-sum with a fixed interest rate and fixed payment schedules. (15, 20, 25 or 30 year fixed rate second mortgage) One of our loan niches is our 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 with fixed rates that can't change. These second mortgages 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.

A few years ago the home equity rates for a Fixed Rate second Mortgages were quite a bit higher then the initial rates for home equity lines. The times of changed, and the Fed has increased the prime rate significantly, and now fixed rate second mortgages offer lower rates than the equity line variable rates start at. So the fixed rate 2nd mortgage loans are more conservative and recommended for debt consolidation.
Recommended for Home Improvement. Recommended for Debt Consolidation.

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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Related Second Mortgage Pages:
No Documentation Mortgage | Bad Credit Mortgages | Low Closing Cost 2nd Mortgage | Preferred Second Mortgage Loans | Low Rate Options | Refinancing | 80% | 90% | 95% | 100% | 105% | 115% | 125% | Debt Consolidation | Product Overview | 125 Mortgage Piggyback | No Credit Home Loans | Cash Out Refinancing | Finance Home Improvements | Home Equity Mortgage Loan Demand Soars | Home Improvement Loan Programs
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