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Consolidating Debt with Home Equity Loans & 2nd Mortgages

Nationwide provides refinancing for home equity mortgages and secured debt consolidation solutions for homeowners with excellent and not so great credit. One of the easiest ways for homeowners to save money is for them to take out a 2nd mortgage or equity loan with a fixed interest rate to refinance adjustable rate credit cards. Homeowners have the unique ability to consolidate debt while receiving tax deductions in the process.*

We will match you with brokers, lenders and finance companies leading the charge online with home equity loans that have opened the door for many American home financing opportunities.

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We will help you find home equity lenders and brokers that helped pioneered new territory for consumer credit card consolidation with revolutionary cash out lending. 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 essential for many homeowners to avoid bankruptcy. Talk to debt refinancing consultants that can help you figure out how you can save money by taking out a home equity loan to reduce the interest paid on debt.

Equity Loans for Consolidating Debt

Tips for Consolidating Debt with a Home Equity Loan

Debt consolidation loans are used to avoid bankruptcy, refinance revolving credit cards, pay off adjustable rate interest, lock into a fixed-rate home equity loan to refinance lines of credit, increase cash flow and for getting a loan that shortens terms for paying off debt. "According to mortgage broker, Todd Bradfield, consolidating credit card debt into a second mortgage can have the most significant impact on increasing your credit score." Where to Find the Top Home Equity Loan Programs Today.

Follow these home equity tips when shopping for your next debt relief solution:

Manage Your Debt Better! Refinancing revolving charge cards is often the clearest path to debt freedom.

Home Equity Lenders

Nationwide has paved a road helping thousands of consumers improve their financial situation by lowering their debt burden. Talk to lenders that offer fixed mortgages to consolidate bills by using home equity loans as the vehicle to reduce debt.

20 Reasons Why a Home Equity Loan Is More Powerful than a Personal loan or Credit Lines


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Lower interest rates with fixed rate amortization
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Choose Which Credit Cards to Consolidate
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Get a Better 2nd Loan
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Bill Consolidation Options
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No More Increased Interest from Variable Rates
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Rehabilitate your Credit Report
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Cash Out Lending
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House Repair Financing
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Pay off Credit Lines

 

 

1. Understand the loan types. There are two types of home equity loans (second mortgages). Home equity installment loans (HEILs) are typically fixed-rate loans involving a lump sum loan on which you make installment payments over a specified period of time. Home equity lines of credit (HELOC) is a type of financing that carry a variable interest rate and work more like credit cards where you borrow against a preset credit limit.

2. Get the best loan for your needs. Home equity installment loans are best when you know exactly how much you need (e.g. bill consolidation). HELOCs are better for shorter-term borrowing or for emergencies.

3. Beware of sales pitches. It is important to get everything in writing with the "Good Faith Estimate, Federal Truth in Lending" and all other loan disclosures.

4. Plan your budget ahead of time. Come up with a realistic long-term budget for the home equity mortgage and the monthly payments.

5. Compare the interest rates. The rate you're offered depends heavily on your credit score: If you have an excellent score of 760 or above, you should be able to win a home-equity line of credit for half a point below the prime rate, said Chris Larsen, CEO of E-Loan. A good score of 700 to 759 should win you a rate equal to the prime rate. People with mediocre to poor credit will generally pay 1 to 5 points over prime, or more. But, lenders will compete for your business, so you may be able to get a lower rate by shopping around.

6. Compare loan fees. You may or may not have to pay a broker fee, an application fee or appraisal fee, but you probably will have to pay recording fees and, for a HELOC, an annual fee. Compare fees among lenders and try to pay as little as you can.

7. Know the Tax Rules. Tax deductibility is limited to interest on loan amounts of $100,000 or less. Interest paid on amounts over $100,000 can't be deducted.

8. Keep 20% equity headroom. You do not have to pay mortgage insurance when selecting an equity mortgage. When to Refinance to Get Rid of Mortgage Insurance.

9. Know what you are risking. Second mortgages are secured loans. The Federal Trade Commission warns, "Remember that these loans require you to put up your home as collateral. If you can’t make the payments--or if your payments are late--you could lose your home."

10. Get insurance in case you cannot meet your monthly payments. It could save you from losing your home.

Maria Ny writes many loan periodicals and home equity articles for mortgage banks across the country. She suggests that you shop your debt consolidation loan with mortgage professionals. For additional options for subordinated lending, please visit the website or talk to a loan officer about their guidelines on home equity mortgages. Article Source: articledashboard.com. See HUD's Guide for Settlement When Shopping for a Home Loan.


   
 

This is not an advertisement for credit. See Privacy for Details. Nothing on this web site contains an offer promise either to make a mortgage loan or that any participating lender will guarantee any home loan for any purpose or on any specific terms. Loans cannot be made online or be approved without an underwriter analyzing your credit score, debt to income ratio and combined loan to value.
*Talk to a professional tax consultant in regards to available tax deductions with home equity loans and consolidating debt with a 2nd mortgage

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