FAQ - Nationwide Mortgages
I need to get an appraisal when I refinance?
When you're comparing refinance loans, you're getting a new loan. So everything, including the current value of your
home, needs to be confirmed. Sometimes we use statistical appraisals; in other
instances we may use the purchase price of your home.
I use an appraisal that I've recently had done?
We will usually
accept a recent appraisal as long as it meets our guidelines. In most cases, the
appraisal must have been completed within the last 3 to 6 months.
Is A Loan To Value (LTV).. and how does It determine The Size Of The Loan?
stands for loan-to-value, which is the ratio of total mortgage-related debt to
the property's value. The LTV ratio reflects the amount of equity borrowers have
in their homes. The higher the LTV the less cash homebuyers are required to payout
of their own funds.
Equity Line Of Credit vs Home Equity Loan?
a home equity line of credit and a home equity loan are secured by the equity
in your home. A home equity line of credit works like any other revolving line
of credit, and is very similar to a credit card. Equity Lines are flexible, in
that they allow a homeowner to write checks or make purchases at different times.
Withdrawals against the equity in your home is on an ongoing basis. Unfortunately
with a line of credit you pay interest only when you use your funds.
is an APR?
stands for annual percentage rate. It is the annualized cost of credit, expressed
as a percentage. The APR calculation considers certain fees to reflect the cost
of credit in addition to interest.
I still qualify for a Home equity Loan, even if I don't have any equity in my
Yes, We have 2nd mortgage loan programs that allow you to
borrow up to 125% of your home's value.
is a FICO Score?
FICO scores are numeric representations of your
credit profile. The higher the FICO score the better credit risk you are.
Types Of Loans Are Available?
Rate Mortgages: Payments remain the same for the life of the loan
Rate Mortgages (ARMS): Payments increase or decrease on a regular schedule with
changes in interest rates; increases subject to limits
There Mortgage Options For First-Time Homebuyers?
Yes. Lenders now offer several
affordable mortgage options which can help first-time homebuyers overcome obstacles
that have hindered purchasing a home in the past. Lenders may now be able to help
borrowers who don't have a lot of money saved for the down payment. FHA Loans
only require 3% down.