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What are 2nd Mortgage Loans?

In general there are two types of second mortgages.

- "Home Equity Loan" This is a traditional style loan. The lender gives you the amount of money you're borrowing in one lump sum, and you do what you want with it while repaying it on a monthly basis. It's just like your initial mortgage except you have the cash to spend on what you want. Usually, home equity loans have a fixed interest rate though that may not always be the case.

- "Home Equity Line Of Credit" This second mortgage basically works like a credit card. Instead of getting the entire sum at once, you spend the money as you need it and repay accordingly. With this type of loan, interest rates will be adjustable.

Updated HOEPA Rules
The Consumer Finance Protection Bureau issued this final rule that amends Regulation Z, also known as the Home Ownership and Equity Protection Act.

The CFPB's final rule imposes certain requirements in conjunction with homeownership counseling. Lenders are now mandated to provide consumers with important info about homeownership counseling providers.

Provide you with info in advance defining the offer by explaining that you are obtaining a "high cost mortgage" while issuing the pricing, terms and fees that are required to procure this second mortgage.

Certify that you have received homeownership counseling about the particular high-cost mortgage the lender is offering you.

For a 2nd mortgage lien and your APR is more than 8.5% higher than the average prime interest rate quote for a comparable 2nd loan

Second Mortgage Loans

People like a 2nd mortgage because it gives them the ability to get money from fixed rate mortgages without having to refinance their first lien. The "second mortgage" is perfect for homeowners to get money at a good interest rate while keeping the tax deduction in most cases. Shop second mortgage rates from lenders that offer popular loans for refinancing, purchase money, debt consolidation, credit lines, and subordinate financing for homeowners with good and bad credit. Shop equity loans and compare interest rates on 2nd mortgage loans now. There is a good chance that you will save money with our 2nd loans because we offer lower interest and charge less for lenders fees.

Find Low 2nd Mortgage Rates Now

Nationwide can help you shop respected 2nd Mortgage Lenders who looks forward to helping you get cash out of your house without braking the bank. There are no hidden fees and no cost to compare quotes. In just a few minutes you can find out what kind of 2nd mortgage you qualify for with no obligation.

Preferred Loan Type:
Property Value:

Credit Rating:
Property Type:

Looking for Quick Cash from 2nd Mortgages?

The fact is that second mortgages have evolved significantly over the last few decades. Homeowners have become savvier by getting creative with the possibilities from a 2nd mortgage. Ask any tax consultant or financial advisor and they will concur that in many instances a 2nd mortgage can be an effective method to maximize tax deductions as a homeowner.

How Do I Qualify for a Second Mortgage Loan?

Getting approved for any type of equity loan usually requires income documentation for the last 2 years, a copy of your monthly mortgage statement, and a copy of the note on your 1st lien. The underwriter will analyze this along with your credit report and usually a statistical appraisal.

2nd mortgage guidelines changed drastically this year because of the foreclosure and mortgage crisis so discuss your needs with a loan officer before you make financial commitments. You may be able to accomplish the same goals with a standard refinance loan to get cash back. The 125% program has been placed on hold for now. Underwater borrowers may qualify for a program called the Home Affordable Refinance Program that has no equity requirements for refinancing. Find out from the HARP lenders if you meet the HARP 2.0 eligibility.

Second Mortgage Loan Benefits
Debt Consolidation Cash Back 2nd Loans
Home Improvement Loans

Sub-Prime 2nd Mortgage
Cash Mortgages No Income Verified
Refinancing 2nd Mortgage Bad Credit Second Mortgages
Flexible Credit Lines Stated Income Loan Program

1st Time Homeowners OK Hard Money Lending
No Mortgage Insurance Interest Only HELOC
Fixed Rate 2nd Liens    

Nationwide Mortgages provides useful info online in regards to 2nd mortgages that have opened the door for many American home financing opportunities. Our second mortgage department has pioneered new territory with very competitive "2nd mortgage rates" online. Our ability to secure loans for homeowners with sub-prime and bad credit has set us apart from our competition. Accessing cash through your home has become paramount to personal investing. Ask our financing consultants how you can save money by taking out a second mortgage.

Banks Announce More 2nd Mortgage Programs
For years, homeowners have been advised to not simply let their mortgage sit and languish. Periodically, it's good to review the current loan market and interest rates as well as your situation and then compare it to your home loan. This is why many end up refinancing after a few years. But refinancing isn't always the best option. Many people end up deciding that instead of a refinance, a second mortgage is closer to what they are looking for. The recent announcement that banks are now offering more second mortgage programs than before means that there's never really been a better time than now to investigate this loan option.

What is a 2nd Mortgage?

Recently updated by James Swift

In the simplest terms a 2nd mortgage loan is an additional lien that is secured by residential real estate. Title companies that work for the bank place these liens in 2nd position on the property title, thus the term, "second mortgage." If you were to default on the loan, the bank actually has the right to take your home from you. Some industry representatives often refer to these as "junior" or "subordinate" liens. There is some risk, but with interest rates low and these additional second mortgage programs being introduced, it could be the right move for some to consider.

Shop 2nd Mortgage Programs Now

Typically, there are not too many restrictions if any, in regards to how you spend the money though some of these newer programs recently announced by lenders may have tighter restrictions. Prior to the infamous "mortgage crisis", many home buyers utilized a 2nd mortgage to help them avoid private mortgage insurance that is often required when a borrower come up with less than a 20% down-payment. You probably know what happened, as many of these people bought houses they couldn't actually afford so the bank foreclosed on both the 1st and 2nd mortgage liens in high volumes. Unfortunately, this gave 2nd mortgages a bad name and most bank stopped offering second mortgage loans all together. The good news for many of you is that 2nd mortgage programs are back because of demand and the uptick in the home equity marketplace.

Second mortgage loans have been around for decades, and were designed for people that needed extra money but didn't want to refinance their existing loan. This is especially true for those with a good interest rate already locked in on their first mortgage. Second mortgages usually have low interest rates compared to first mortgages, which helps make them more attractive.

As for the highly anticipated new home equity programs just announced by banks, they're designed to help make it easier for homeowners to qualify for a 2nd loan without being required to refinance their 1st mortgage with which they were content with. While decent credit scores and employment history will still be needed, these programs have less requirements and feature lower equity standards than older programs offer. It's expected that these programs will make a big difference in the lending environment throughout 2016, and as such they're an option that homeowners will likely be paying attention to.

If you're in need of extra cash and don't want to refinance, 2nd mortgage loans could be exactly what you're looking for. And thanks to these new programs, it may be easier to get a great one than you suspect. Talking to a good lender today could help you find the loan that is right for you.

Energy Resources for Homeowners

Energy Efficient Incentives for Home Improvements – Did you know that the U.S. Government offers rebates when people choose household products that are eco-friendly.

Residential Energy Opportunities for Consumers
See the latest insights and recommendations from the Environmental Protection Agency.

Income Documentation for Second Mortgage Loans
Ask about reduced documentation 2nd mortgages for professionals, company owners, skilled tradesman, sales people, salaried and self-employed homeowners. Most equity loans require full income documentation.

100% CLTV- maximum loan amount-is $250,000
90% CLTV- maximum loan amount-is $300,000
80% CLTV- maximum loan amount-is $500,000
For more information and a No Cost Quote

Full Documentation - Second Mortgage
(W2's, Paystubs etc.)

125% CLTV- maximum loan amount-is $150,000
100% CLTV- maximum loan amount-is $300,000
90% CLTV- maximum loan amount-is $400,000
80% CLTV- maximum loan amount-is $500,000
For more information and No Cost Quotes

Second Home - Home Equity Line
Set up an equity line of credit for purchasing a second home, vacation home or rental property. Credit lines on primary residences are one of the best ways to save money and buy a new house with the deposit coming from the equity line.

100% CLTV- maximum loan amount-is $200,000
90% CLTV- maximum loan amount-is $300,000
80% CLTV- maximum loan amount-is $500,000
For more information and a No Cost Quote

Non-Owner Occupied - 2nd Mortgage

90% CLTV- maximum loan amount-is $200,000
80% CLTV- maximum loan amount-is $300,000
70% CLTV- maximum loan amount-is $400,000
For more info and a No Cost 2nd Loan Quote

Shop 2nd Mortgage Lenders for More Commitment

Often times, banks and mortgage lenders offer unbelievable 2nd mortgages that appear to be too good to be true... We all know how the saying goes...The quotes are probably too good to be true. A good indicator is when you do not receive loan disclosures or the loan officer does not return your phone calls. Make sure that when you are evaluating lenders that you compare the "good Faith Estimate and Federal Truth and Lending Statement."

Buyer beware when shopping for second mortgages online, because many companies are making great offers only to people with considerably high credit scores. Don't waste your time with people who quote you 2nd mortgage terms without analyzing your credit, and debt ratios. Of course understanding the estimated value of your home is imperative for getting a real second mortgage quote. Find a 2nd mortgage lender now.

Check 2nd Mortgage Rates

Call our 2nd Loan Department with your questions regarding home equity credit line rates and "second mortgage" lending options.

Whether you want to discuss equity loan programs, rates or just need more assistance understanding mortgage terms like refinance, 2nd mortgage, home equity, home purchase, interest only or consolidation.

Get a Free Analysis from Multiple 2nd Mortgage Lenders. Learn More About the Rules and Requirements on Home Equity Lines and Fixed 2nd Mortgages. Get a No cost Evaluation When You Request a Quote Online.

Find 2nd Mortgage Loans for People with Poor Credit Scores

Check out of the recent expanded loan programs for refinancing or getting another equity loan. In most cases, subprime second mortgage products have been removed from most lenders guidelines because the 2nd loan default rate has been so high. If you need assistance finding companies that offer a second chance loans, this website is a great place to start.

* Past Credit Problems Allowed
* Bankruptcy are OK
* Delinquencies on credit cards OK
* Past late payments on mortgages OK

Ask About a Free Loan Quote from multiple 2nd Mortgage Lenders

Key Factors to Leverage Home Equity and More

Equity Lines of Credit

- Revolving Lines Like Credit Cards
- Adjustable Interest Rate
- Variable Rates
- Prime Rate-WSJ Index
- Open End Equity Line
- Borrower & Borrower Again
- Pay Interest on what you access
- Interest Only Payments
- For Home Improvement Projects
- Great for Safety Net
- Great Short term Cash

Uncover whether the Home Equity Line of Credit is the best financial tool for your situation.
2nd Mortgage Features
- Fixed Rate 2nd Loan Amounts - Fixed Term Loans
- Fixed 2nd Loan Payment
- Closed End Equity Loan
- Principal & Interest Payments
- Pay Interest on entire Loan
- Great for Debt Consolidation
- Great for Peace of Mind
- Great Long Term Cash

Do not let credit obstacles from years ago limit your home finance options.

second mortgage

Did you know that many consumers actually see a bump in their credit score when adding a second mortgage for eliminating existing debt? Yes leveraging your revolving bills into a simple interest mortgage can help your credit rebound. If you can make your payments on time regularly then reaping the benefits of higher fico scores is a good possibility Learn more about how a fixed interest rate can potentially save you money.

Learn How to Save with the Power of a Second Mortgage.

2nd Mortgage Questions

• Will refinancing compounding credit card interest save you money?
• Is consolidating all your bills into one lower payment a wise move financially?
• Refinance your existing 2nd mortgage
• Can you Save up to 75% with Bill Consolidation?
• Convert your adjustable rates to a Fixed Rate Loan
• Rebuild your credit & Raise your Scores
• Get Cash Out for Many Reasons
• Finance Home Improvements
• Should I Refinance my home equity line of credit into a fixed interest installment loan?

Bank Statement Loans

• Loan Amounts up to $1,300,0000
• 1st & 2nd Mortgage- Interest-Only
• 70- 90% CLTV
• Cash- Refinance or Purchase (see bank or lender for guidelines and eligibility requirements)

Many self-employed borrowers like the "bank-statement 2nd mortgage program" because it showed the underwriters their monthly income and cash flow without them needing to show complete tax returns.

More Related Nationwide Pages
Adjustable Home Credit Lines
Fixed Interest Second Mortgages
30- Year Home Equity Loans

When shopping second mortgage companies remember to ask questions about refinancing debt into a secure home loan. If you can't qualify for a 2nd mortgage to consolidate credit cards because your credit is too damaged, consider debt settlement.

Second Mortgage Requirements: Full Documentation Program

Please gather the loan conditions ASAP
* 2 years of Income documentation:
* W2s, 1099s, or Tax Returns
* Last 2 Pay-stubs
* Promissory Note
* Monthly Mortgage Statement
* Home Owners Insurance Page

You can send documentation to lenders, once you have shopped companies and feel confident with the loan terms. Please complete the simple request for more info form and discuss your loan needs with the loan officer who will be responding to your request. To complete the loan request form online.

Additional Mortgage Info from Nationwide

Less is more! Who likes gathering documentation together for the home loan process? Nationwide provides a path to companies that extend credit on great second mortgage programs that enable you to qualify with less documentation.

Borrowers no longer have to refinance their first mortgage to get access to money or to consolidate bills! Get approved for a 2nd mortgage that offers cash back while ensuring you're the most competitive second mortgage rate online.

News - Many underwater homeowners are excited about the Home Affordable Refinance Program, but what does that include people that have 2nd mortgage liens? The short answer is "yes", but you are not allowed to consolidate 1st and 2nd loans together under the HARP 2.0 plan. Borrowers must get their 2nd lender to agree to subordinate their equity loan. Read this article for more info, HARP and How to Subordinate a 2nd Liens.

Resource Articles
Best Practices for Security in Your Home
Tips for Making the Best Garden Improvements for Your Home's Values
Home Guide to Going Green
Do's and Don'ts on Home Remodeling in Today's Market
Guide to Helping Kids Stay Safe at Home

Since our inception, Nationwide has always strived to deliver exceptional customer service. We help you shop second mortgage lenders for low rates also help people save money each month so lock into a secured loan with a fixed interest rate today.

Apply Online for a Fixed Rate Second Mortgage or Call Our Experienced Lending Department

This is not an advertisement for credit. See Privacy for Details. Nothing on this web site contains an offer promise either to make a 2nd mortgage loan or that any participating lender will guarantee any mortgages for any purpose or on any specific terms. 2nd mortgages cannot be made online or be approved without an underwriter analyzing your credit score, debt to income ratio and combined loan to value.

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