Our loan specialists provide unique home equity refinance opportunities to consolidate loans, finance house repairs and purchase 2nd properties. Compare our equity loans with fixed mortgage rates for secure fixed rate refinancing with low rate home equity loans and lower monthly payments.
Refinancing your adjustable rate home equity loans makes sense if you want lower mortgage payments and the security of a fixed rate 2nd mortgage. Lock into a fixed rate loan with a fixed home equity term.
Refinancing your home equity also allows you to get cash out and consolidating high rate loans and revolving interest credit cards. We offer home equity loans with no closing costs to qualified applicants. Check with a representative for no fee program eligibility.
Home equity refinance loans have become very popular for people who purchased a home with an 80-20 1st and 2nd mortgage. The fact is that refinancing an equity loan is one of the quickest and easiest ways for homeowners to save money.
Many times the second mortgage is a home equity line of credit that carries a variable interest rate that has been increasing significantly as the Fed continues to raise key interest rates across the country. Purchasing your home 80-20 loans may have been a good idea at the time, but refinancing the equity credit line is also a good idea now, because the interest rates are rising.
Top 5 Reasons for Refinancing Home Equity Loans:
- Home Equity Loans Refinancing Saves Money with Lower Payments and Lower Interest Rates
- Refinance and Convert Variable Line of Credit to Fixed Rate Home Equity Loan
- Get Funds to Apply to Fixed Rate Debt Consolidation
- Finance House Improvements, Repairs and Rehabilitation
- Improve the Home Equity Mortgage Terms by Shortening the Length of the Loan
- Refinancing a Bad Credit Home Equity Loan for a Lower Interest Rate
See Lenders Offering a Convertible Home Equity Line of Credit with Options to Refinance Portions to a Fixed Rate Home Equity Loan
BD Nationwide now offers a convertible equity line of credit that enables homeowners to turn their variable interest rates to a fixed rate second mortgage.
People ask all the time, “Should I get a home equity loan or line of credit?”
Many homeowners are taking out a home equity loan to consolidate debt. This unique home equity program allows homeowners to convert portions of their adjustable rate equity line into fixed rate home equity loans. Another key feature is that this 2nd mortgage allows you to keep the unused portion of the credit line open.
Equity Loan Refinancing
Refinancing home equity loans can save you money. If you currently have an adjustable rate 2nd mortgage or home equity line of credit, it makes a lot of sense to review your refinance options for a fixed rate home equity loan. Compare the refinance vs home equity loan.
Linda’s Helpful Hints for Home Equity Loan Refinancing – Ask Linda?
If you purchase your home with an 80-20 mortgage, it’s a good idea to refinance the adjustable line of credit with a fixed interest equity loan. Lenders would like to see 6 months to a year of payment history for the purchase money 2nd mortgage before you refinance.
Popular Motives for Refinancing Home Equity Mortgage Lines
- The Prime Rate Margin has Increased 3.75% in the last 2 years
- New Federal Chairman has indicated he there are rate hikes on the horizon
- Equity lines of credit are revolving so your balance can increase
- No Full Appraisal Required on most Home Equity Refinance Programs
- Fixed Rate Home Equity Mortgage Loans have Lower Rates Over the Long Term
3 Reasons to Consolidate Your Credit Card Debt into a Home Equity Loan
1. Interest Rates on Your Credit Cards Are Costing You Money Every Month-
The major reason why most people consider paying off credit card debt by rolling all of their outstanding debt together into a home equity loan is because the interest rates on their existing credit card rates are adjustable and too costly. If you own a home, there is no reason to keep over-paying every month with compounding interest from your credit cards, because there is a solution found with home equity refinancing.
As you might already know, banks issuing credit cards don’t offer the same interest rate. You can get a lowered interest rate card, but it will probably be for an introductory term of 6 months or a year. The other area of concern is that the banks are allowed to change the terms at any time. If you were to transfer your credit card into a fixed rate home equity loan on a 15 year term, you would have specific, set terms that can’t change for the duration of the home equity loan term. Another important factor is that each payment you make with an equity loan goes towards paying off interest and principal.
2. We don’t charge Annual Fees with Home Equity Loans for Refinancing-
Most banks that offer credit cards and equity credit lines lately have resorted to charging borrowers an annual fee for using the credit. In some cases the annual fees really start to add up.
3. Home Equity Loans are Tax Deductible-
Like your existing mortgage, home equity loans up to your home’s value are tax deductible in most cases. Many first time homebuyers run up their credit cards after buying their 1st home, because they need furniture, and sometimes need to make some immediate home improvements. If you have some credit card debt and you pay taxes out of each paycheck, like most people, it might be time to consolidate your credit cards and find some additional cash come back to you when you do your taxes.
Breakthrough Home Equity Refinance Product!
Take a Look at the New Home Equity Line
with Options for Converting to Fixed Rate Home Equity Loan
Nationwide is excited to inform you of the “New Home Equity Line of Credit with Fixed interest Rate Options for advances.”
Home Equity Credit Loan Program Description
- Open-end revolving equity line of credit
- Period of Draw: 10 years
- Home Equity Rate is a Variable Rate
(Wall Street Journal reports the prime interest rate index plus margin)
*Options are available to convert a portion or all of the home equity line balance to a fixed interest rate home equity loan.
Equity Loan Repayment Terms:
- 15 years for balances at maturity that are less than $20,000
- 30 years for balances at maturity that are more than $20,000
Fixed Rate Advance Option can initially be requested by the broker at the time of disclosures. Homeowner/Borrower may request a fixed rate advance from the customer care dept. after the loan is funded and the account is opened.
Advances for fixed home equity mortgage rates can be requested at any time during the 10 year draw period
A maximum of 3 fixed rate advances may be open at any one time
A maximum of 8 fixed rate advances may be requested over the draw period.
No borrower fees to convert to a fixed rate equity mortgage loan.
Fixed home equity rate advance term options are based on the balance requested.
Homeowner/Borrower may request one of the options offered for home equity refinance terms: (yearly options within the range available below)
- $10,000 – $19,999 5-15 years
- $20,000 – $49,999 5-30 years
- $50,000 and above 7-30 years
Minimum Home Equity Line Amount: $20,000
Maximum Home Equity Line Amount: $1,000,000
Billing Method: Statements Mailed Monthly
Payment Options: Automatic debit (ACH) from checking account, phone pay, or pay by mail.
* Home Equity Credit Line with Fixed-Rate Advance Option is not available in all states.
