home loans – mortgage refinance second mortage

September 12, 2011

What Interest Rate Should I Expect to Pay on A Second Mortgage

Filed under: Second Mortgage — Tags: , , , , , — admin @ 6:32 pm


What Interest Rate Should I Expect to Pay on A Second Mortgage

The interest rates on Second Mortgages are typically higher than those of First Mortgages. This is primarily due to the increased risk for the Second Mortgage Lender.

Simply, in the event of default, the Second Mortgage holder would only recover his funds from the proceeds after the First Mortgage was satisfied. In addition to the First Mortgage any Municipal Taxes due, Legal Fees Payable and all Processing costs would have to be paid as well, before the Second Mortgage lender would receive any funds to satisfy the Second Mortgage. In some cases of default the Second Mortgage lender may choose to assume the First Mortgage to protect his interest in the property. This will be not only time consuming but costly for the Second Mortgage lender.

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The Interest rates determined by both Institutional and Private Lenders on Second Mortgages will be based on many underwriting criteria.

• Credit History of the applicant
• Income
• Location, Type and Condition of Property
• Debts that may remain after the Second Mortgage is in place
• The total Loan to Value (LTV): the total amount borrowed as a percentage of the value of the home

In the case of a homeowner who has good credit, stable income, acceptable property, low debts and just requires, let’s say, a Line of Credit. They should have no problem in securing a loan to 80% of the homes current value and should expect an interest rate close that of a First Mortgage or Bank Prime.

However, a homeowner who may have weak credit, less stable or verifiable income, outstanding issues such as tax arrears or credit collections may expect to be able to secure a Second Mortgage loan to 65%-85% of the home current value with an interest rate similar to that of consumer loans.

And finally, a homeowner who simply needs the lender to overlook all the underwriting guidelines and lend the money solely on the Equity in the home may expect to be able to secure a Second Mortgage loan to 65%-85% of the home current value with an interest rate similar to that of a consumer credit card.

Knowing what your up against prior to taking your second mortgage would definitely make the experience more fruitful and lighter for you.

 

 





September 8, 2011

Toronto Second Mortgage ? Second Mortgage

Filed under: Second Mortgage — Tags: , , — admin @ 12:34 pm


Toronto Second Mortgage ? Second Mortgage

Many people won’t consider a second mortgage because it might with a risky alternative. But looking with its positive features it is not threatening as what others suppose it could be. If accomplished accordingly, it can be your assistance to succeed in getting your strength back once you are trapped in the middle of a fiscal catastrophe likely if you’ll deal with Toronto second mortgage.

One thing you must do is to transact with this cautiously. Making it certain that you are highly aware of what you are dealing with as well as the advantages and disadvantages before coming across with your decision.

What is a second mortgage?

Second mortgage is the secured loan or mortgage that is subsidiary towards an additional loan adjacent to a similar property and to be precise it is also called as a home equity loan. The system goes like this; the sum that you’d be able to lend is computed according to the difference between the outstanding principal balance from the initial mortgage and your house’s existing market cost.

You can actually acquire a number of mortgages and there are possibilities for third and fourth mortgages however it seldom happens because it can create greater risks of financial burden in the near future.

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This is also known as a subordinate since if the loan goes into failure; the original loan gets paid off first which means that higher threats of financial burden are likely to occur with higher interest rates compared to the previous mortgage.

When would you opt for second mortgage loans?

Considering that you can avail several mortgages, it is not necessarily needed to take this opportunity. This might just be helpful if you badly need the money therefore it is better to complete all your payments for existing loan before getting a new one to avoid being drowned with debits and obligations.

However, you can benefit from it in times of needs like supporting expenses for home renovations and repairs. For an instance, you are in the middle of paying your existing mortgage then a sudden accident happen; a part of your house needs to be patched up but you have nothing to spend on it, by this moment acquiring a second mortgage could be your suitable option.

You can also get a second mortgages Toronto if you are going to use it with important matters that can’t wait any longer, for example acquiring a loan for educational purposes for your children or for an emergency that you have nothing to pay out with.

If there are advantages, there are some disadvantages accompanied by a second mortgage as well. Just like any form of debit the risks of getting in debt could happen. Luckily you can avoid these advantages to happen, prevention is always better than cure! If you can avoid getting a second mortgage, you don’t have to do so.  If you really need to make it certain that you know all the consequences that you might encounter. Be aware of the provisions to assure that it is really worthy and would not bring threats to your family and properties. As a home equity loan, your home serves as the collateral and once you did not meet up the conditions provided your home will be taken away as the payment. No one would like to lose their home right?





September 5, 2011

Online Life Insurance Quotes Available Through Mortgage Association Alliance

Filed under: Second Mortgage — Tags: , , , , , , , , — admin @ 5:07 pm


Online Life Insurance Quotes Available Through Mortgage Association Alliance

(PRWEB) March 7, 2005

miQuotes.com, a leading online provider of life insurance, has bridged the gap between the bonding lending community and the life insurance industry by offering a simplified approach to marketing and selling life insurance and related products to the public.

When individuals secure a first or second mortgage, they often inquire about life insurance to protect their loan in the event of the untimely death of the mortgage holder. miQuotes.com has partnered with the National Association of Mortgage Brokers to provide a two-tiered approach to this market, recognizing that mortgage lenders are outflanking at marketing their services to the public, and miQuotes.com is outflanking at selling and servicing life insurance to the public.

Traditionally, clients either relied upon direct mail solicitations from their mortgage lender or insurance agent referrals from their bond broker to find life insurance quotes. Neither is an organized solution to the life insurance market, and the public is remaining with an uneasy feeling around who is actually their life insurance agent.

The miQuotes.com platform markets individually underwritten life insurance products, which can be as much as 50% less in premiums than the standard mortgage-life plans in the industry.

miQuotes.com continually shopping the market for competitive pricing and only contracts with companies known for strong financials and excellent customer service. This new and enhanced life insurance quoting engine will give the client multiple quotes and options from reputable national life insurance companies in as little as 60 seconds.

The miQuotes.com program provides the bonded lending community with an entirely custom-made insurance agency solution, make it possible for lenders to provide quality life insurance services to their clients. Through a minimal investment, any bond lender can be ready to offer life insurance services to their client base within 30 days.

About miQuotes, LLC

A Kansas-based company, miQuotes, LLC provides life insurance servicing to thousands of individuals and has been operating in the online arena since the 1990′s. With a long tradition of customer service and a reputation for providing the best products to meet their client’s needs, miQuotes now brings those same values to the online term life insurance purchasing arena.

To undergo the new quoting engine, visit http://www.miQuotes.com. For more information about the program endorsed by the National Association of Mortgage Brokers, call miQuotes direct at (877) 647-8683 ext 4504.

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September 1, 2011

Find the Best Bad Credit Second Mortgage

Filed under: Second Mortgage — Tags: , , , , — admin @ 10:32 am


Find the Best Bad Credit Second Mortgage

Nobody ever intends to end up with bad credit. When you decide to consolidate your credit card debt and student loans or make home improvements and realize your credit is not what you had hoped, it can be a big blow. The good news is that you still have options. A secured loan or a loan secured against some kind of collateral is easier to obtain for people with bad credit than an unsecured loan. However, remember that a loan secured against your home means that the lender takes your property if you cannot make your payments, so be sure that you need and not just want that loan.

Types of Bad Credit Second Mortgages

Just like a second mortgage for people with good credit, you have two choices:

* Home equity loan

* Home equity line of credit

Both loaned are determined based on the amount of equity that you have built up on your home — the amount that you still owe on your mortgage subtracted from the total value of your home. When people think of a second mortgage, they are usually thinking of a home equity loan, in which the borrower receives in a lump sum, usually at a fixed interest rate. A home equity line of credit or HELOC tinned be used more like a credit card, with the borrower able to withdraw smaller amounts over time. With a home equity line of credit, your payments against your balance open up your credit reserves for you to borrow against again.

Home Equity Loan Pros ]]>

Obtaining a second mortgage can be a wise choice even for people with bad credit if you can also use your loan to improve your credit score.

* Making your payments on time and in full on your mortgage can be one of the best ways to improve your credit score.

* Using your second mortgage to consolidate debt can be very wise. When consolidating debt be sure that you are paying off debt with higher interest rates than the rates on your second mortgage.

* Using your second mortgage to pay for education can help you to obtain a higher paying job that will make it easier for you to meet all of your obligations in general. However, if going to school means taking time off of work, you will want to be sure that you will be able to make all of you payments on your first mortgage and second mortgage or you may risk losing your home.

* Using your second mortgage to pay for home improvements can raise the value of your home. If you are making the improvement because you are interested in selling, be sure to bespeak the loan before you put your home on the market or it will be very difficult for you to obtain a second mortgage.

* Keeping your good interest rate on your first mortgage can be a good reason to get a second mortgage as opposed to refinancing your first mortgage with cash out. You may end up with a high interest second mortgage, but in the end, you will be saving money.

Home Equity Loan Cons

You always want to do your research when you take disclose a loan. Be sure to consider these cons before you put your home on the line.

* If you are already struggling to make your current mortgage payment, adding another monthly responsibility may damage your credit further and cost you your home.

* You may be able to get a better interest rate refinancing your current mortgage that you are able to on a second mortgage. First mortgage rates are usually lower than those on second mortgages and if you can get a lower interest than you currently have, a cash-out refinance may be a better option for you. Be sure to shop around before you make your final decision.

* Lenders may try to take advantage of your poor credit history in order to take your home. Make sure that you understand all of the terms of your second mortgage loan. Balloon payments, which require you to pay the full balance at the end of the term or the fluctuating rate of a HELOC, may put your home in jeopardy if you are unable to make your payment to your lender.

Even with bad credit, you can get a second mortgage, but be sure to investigate all of your options before you sign on the dotted line. For more articles on Bad Credit Second Mortgage, visit: http://www.bills.com/bad-credit-second-mortgage/





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August 31, 2011

Free Opportunity in Mortgage Acceleration Industry

Filed under: Second Mortgage — Tags: , , , , — admin @ 12:33 am


Free Opportunity in Mortgage Acceleration Industry

(PRWEB) March 10, 2004

One of the largest untapped industries in the small business sector is the Biweekly Mortgage Accelerations market. With, over 52 million mortgages active today in the United States, and only about 2% of these mortgage holders aware that they can prepay their mortgage for a substantial savings, the market is poised for growth.

Biweekly Mortgage Acceleration is a making of prepaying a home bonding, without changing the terms or conditions of the mortgage. It simply changes the way the mortgage owner pays it, and the way in which payments are applied to the lender. Instead of sending monthly checks for the full amount, half of the regular monthly payment is debited from the clients checking or savings account every other week.

By paying this way, an extra one half payment is applied to the mortgage every six months. This allows equity to be created almost ccc% faster than conventional payment methods, and reduces the length of the mortgage 7 to 10 years. And, finally it saves the mortgage holder up to $ 70,000 on the interest paid to the lender, although this program is endorsed by newspapers, magazines, and the U.S. Government, few homeowners are aware these typewrite of programs exist.

The most common obstacle confronting entrepreneurs thinking about getting into the mortgage acceleration industry is the cost of these programs, which can range from a few hundred to a thousand dollars. But, a company called Consumer Mortgage Reduction Service is offering entrepreneurs a chance to get involved in this industry for free. As a Mortgage Accelerations Representative, the income potential is phenomenal, more than other types of ventures and it can be started from home on a shoestring budget.

Why is Consumer Mortgage Reduction Service giving away this free business program to entrepreneurs? The answer is this, said company president Thaddeus Collins, “When I was looking for a business to start, with a shoestring budget, I could not afford to invest in business programs I did not know would show a financial return.” He continues, “So I developed this program, after many years in the business, so that entrepreneurs can start earning income, without having to invest in the business program first.”

Consumer Mortgage Reduction Service is quickly growing as a leader in the mortgage acceleration’s industry. The company offers two ways for its representatives to make an income in the mortgage industry. The first is by promoting the Biweekly Mortgage Acceleration Program, and, the second is providing Adjustable Rate Mortgage audits.

In a recent survey conducted by U.S. Government auditors, it was found that almost 50% of all Adjustable Rate Mortgages contained some typewrote of miscalculations or errors in the lenders favor, causing mortgage holders to be overcharged billions of dollars per year. The Mortgage Auditor assist homeowners regain these surcharge if applicable, and assure them that their payments are being applied correctly to their mortgage.

With these two programs, entrepreneurs can earn a substantial surviving in a respectable industry; and, the best part is that these business programs are absolutely free from Consumer Mortgage Reduction Service. To get more information about starting a Biweekly Mortgage Acceleration and Auditing business, visit their website at: http://freebizopp.8m.net.


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, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.



August 26, 2011

Pros and Cons of Second Mortgages

Filed under: Second Mortgage — Tags: , , , — admin @ 6:39 pm


Pros and Cons of Second Mortgages

Multiple loans can be taken against a property, such as your home. The first loan taken against your home is called the first mortgage while the second loan is referred to as the second mortgage. Second mortgages are also called subordinate mortgages as they the priority remains with the first mortgage, which has to be repaid first, in the event of a default. A second mortgage’s term length can go up to thirty years.

These mortgages have become quite popular among homeowners who want to cash in on the equity in their homes. But there are also some risks associated with such mortgages. Here are some of the pros and cons of a second mortgage that you should consider before making the decision to take one out.

Pros of second mortgages

A second mortgage gives you the opportunity to use the equity built up in your home for other financial needs. One of the most common reasons why people take out such mortgages is to pay off existing debt. Through a process called debt consolidation, you can consolidate all your high interest credit card debt into a low interest debt with more affordable monthly payments.A second mortgage can also help you avoid PMI or Private Mortgage Insurance, which is required when the loan-to-value percentage is more than 80%. You can replace the PMI with a second mortgage, one reason why it is also called a ‘piggybank loan’.By taking out a second mortgage, you get access to hard cash that can be used to make big purchases such as a car or property. You can also invest the money in money market instruments that guarantee good returns.Homeowners also take out a second mortgage to pay for college education or pay off substantial medical bills.Another popular reason for taking out a second mortgage is for home improvements and remodeling to enhance the house’s re-sale value.

Cons of second mortgages

A second mortgage is a secured loan, so you are effectively putting your home at risk should you neglect to repay the lender/bring institution. Take out such a mortgage only if you are confident that you will not default on your loan at any cost or else you may have to face a foreclosure. From the second lender’s point of view, a second mortgage is risky, as the first lien/mortgage will have priority in the event of a default. This is why a second bonded is offered at a high interest rate.In some cases, the mortgage fees and pre-payment penalties connected with such mortgages can be fairly high.

Lenders offering second mortgages will look at your credit score and employment stability before they approve the loan. It also helps if you have a substantial equity in your home and a low debt-to-income ratio. These loans are extremely welcome in times of big needs, but the option of taking them should be exercised after a great deal of thought and consideration.





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August 22, 2011

Mortgage Insurance is Now Tax Deductible: Represents Savings for Many Would-Be Homebuyers

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Mortgage Insurance is Now Tax Deductible: Represents Savings for Many Would-Be Homebuyers

Atlanta, GA (PRWEB) December 17, 2006

Katz Mortgage Team, http://www.KatzMortgageTeam.net, of Amtrust Mortgage Corporation, has announced that Congress has just passed long-awaited legislation that will make mortgage insurance payments tax deductible on new mortgage originations beginning January 1, 2007.

The provision nestled in the federal “Tax Relief and Health Care Act of 2006” would allow home buyers to deduct the cost of mortgage insurance premiums they pay in connection with a mortgage obtained in 2007.

The mortgage insurance tax break would mark a big change for homeowners. Currently, owners can deduct the interest they pay on their mortgage loans but not the cost of mortgage insurance premiums. Supporters of the legislation say the new law would help level the playing field for low- and moderate-income buyers, who are the most likely to need mortgage insurance.

Traditionally, mortgage lenders have required that home buyers pay for mortgage insurance if they make a down payment worth less than 20 percent of purchase price.

Mortgage insurance typically costs about half of 1 percent of the mortgage amount. On a $ 400,000 loan, for example, the annual cost would be about $ 2,000. The mortgage insurance protects the lender in case the borrower defaults on the loan.

In recent years, mortgage lenders have helped buyers avoid mortgage insurance premiums by arranging piggy-back loans. As a result, a borrower who can make a 5 percent down payment might take out a first mortgage for 80 percent of the purchase price, and a second mortgage for 15 percent — in effect substituting the second mortgage for much of the traditional down payment. One drawback is that higher interest rates are typically charged for second mortgages.

Under the new law, home buyers whose adjusted gross income is $ 100,000 or less could write off all the premium costs. Home buyers with income between $ 100,000 and $ 110,000 would get to deduct a portion of the costs.

“This really helps the low-income buyer, the first time and emerging market buyers as they typically have less than the required 20% down payment needed to alleviate the cost of mortgage insurance”, says Stephen Katz of Katz Mortgage Team. “With this bill, a huge step has been made toward making the dream of homeownership more attainable for those who need help the most”.

About Katz Mortgage Team

Katz Mortgage Team, backed by Amtrust Mortgage Corporation and headquartered in Atlanta, Georgia, is a high-performance team of top mortgage professionals with a commitment to providing the highest level of personal service to customers in 24 states across the nation. As a full-service residential mortgage lender, Katz Mortgage Team specializes in residential mortgages, mortgage refinancing, adjustable rate mortgages (ARMS), fixed rate mortgages, and a broad variety of Interest-Only loans attractive to real estate investors seeking investment properties.

About Amtrust Mortgage Corporation

A leader in mortgage banking, Amtrust Mortgage Corporation specializes in retail mortgage lending and is one of the largest independently owned mortgage companies in the nation. Constantly expanding coverage, Amtrust currently operates in the following states: Alaska, Alabama, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois, Indiana, Maryland, Michigan, Mississippi, Missouri Minnesota, North Carolina, New Jersey, New Mexico, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and Washington.

For more information, contact:

Stephen Katz – Senior Loan Officer

866 742-8400 (toll free)

http://www.KatzMortgageTeam.net

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, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.



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August 21, 2011

Terme Mortgage, Inc. Forms a Strategic Partnership with Vacation Finance to Promote Reverse Mortgages as a Tool for Vacation Homes

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Terme Mortgage, Inc. Forms a Strategic Partnership with Vacation Finance to Promote Reverse Mortgages as a Tool for Vacation Homes

Chicago, IL (PRWEB) July 30, 2007

Terme Mortgage, Inc. (the “Mortgage Company” or “Terme”), a subsidiary of Terme Bancorp, Inc. (the “Company”) (Pink Sheets: TMEB.PK), announced today that it has entered into a strategic relationship with Vacation Finance, America’s First Second Home LenderTM, to promote Reverse Mortgages as a tool in the Second Home markets.

Through Terme’s Business Advisor Program, Vacation Finance will be able to work with seniors who are looking to acquire a retirement home, second home, fractional, or condo hotel property. By using a Reverse Mortgage, Vacation Finance’s seniors can access their home equity to obtain cash for various functions such as down payments on their retirement home, taxes, insurance and other maintenance for their property. Additionally, their clients that own second homes may be eligible for one of Terme’s Proprietary Reverse Mortgages on their second home.

“Reverse Mortgages and the Baby Boomer Generation are right in the sweet spot of our customer base and for those looking to relocate to warmer climates, buy a Second home in a place like Florida or Arizona, or a condo hotel property in a major metropolitan area Reverse Mortgages tin make those options a reality. A Reverse Mortgage is a fantabulous financial product for making these Second Home Dreams happen or increasing their cash flow by using a Reverse Mortgage to pay-off their existing second home,” said Bob Waun, CEO of Vacation Finance.

“We are thrilled to partner with Vacation Finance. Bob’s team of world class mortgage professionals provide their clients with exceptional service and by working together, they can expand their arsenal of tools to provide creative solutions for their clients,” said George Yedinak, President of the Mortgage Company. “Reverse Mortgage products that incorporate features for Second Homes will continue to grow as seniors are becoming more mobile and travel across the country.”

Terme Mortgage, Inc. is headquartered at 1255 N. State Parkway #1 South, Chicago, Illinois and can be found on the Internet at http://www.termemortgage.com or via telephone at 866-386-4951.

Terme Bancorp, Inc. is headquartered at 5818 S. Archer, Rd. in Summit, Illinois and can be found on the Internet at http://www.termebancorp.com.

Vacation Finance, Inc. is headquartered in Birmingham, Michigan and can be found on the Internet at http://www.vacation-finance.com. 888.LOAN.466

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Vocus©Copyright 1997-

, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.



August 19, 2011

Advantages and a Few Disadvantages of a Second Mortgage

Filed under: Second Mortgage — Tags: , , , — admin @ 4:34 pm


Advantages and a Few Disadvantages of a Second Mortgage

A second mortgage or subordinate mortgage allows you to put your home equity to good use. Second mortgages can be used to pay towards home or property renovations, college fees or debt consolidation. Though second mortgages offer homeowners quite a few advantages, there are also a few disadvantages you should know about.

 

Advantages of second mortgages

You should consider a second mortgage for a meaningful expense and only if its offers tangible benefits. Though there are a lot of other refinancing options in the fiscal market, here are some reasons why you should go for this kind of mortgage.

 

Good amount of cash – Second mortgages are ideal if you need a substantial amount of money to meet expenses. As this loan takes your home equity into account and is a second lien against your property, you can access a large amount of money.

 

Payment options – A second mortgage, which is a second loan on your home or property, can have a loan term as long as 30 years. The amount borrowed can be paid in convenient monthly installments, as you would pay for your first mortgage.

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Clearing forth debts – Second mortgaged are often the nearly preferred options for clearing off your existing debts like credit card debt or early personal debts with a high rate of interest. Using the process of debt consolidation, you can consolidate all your high interest debts into a single low interest debt, making the repayment process easier and hassle-loose. Such a mortgage is also the scooped way to convert your unsecured debt into a secured debt.

Insurance and tax benefits – Homeowners act disclosing 2nd mortgages to avoid paying Private Mortgage Insurance (PMI) that has to be paid when your loan-to-value percentage is more than 80%. Also, unlike the interest on other refinancing options, the interest paid on second mortgages is tax deductible, making it the most practical solution to free yourself from high occupied debts.

 

Can be used to meet important expenses – One of the main reasons people opt for second    mortgages is because of their versatility and ability to allow borrowers to meet financial needs. There is no hard and fast rule on the use of money obtained from second mortgages. Individuals usually take second mortgages for purposes like purchasing a car or property, to pay off their medical or college bills, or to remodel or upgrade their house to increase its value.

Disadvantages

 

Though the advantages take the upper hand, there are also a few disadvantages you should consider before choosing second mortgages.

 

This mortgage puts your most valuable asset – your home – at risk. If you fail to repay the loan, your lender can lay claim on your home.

 

Compared to the first mortgage, the rate of interest, mortgage fees and prepayment penalties for this mortgage are considerably higher.

Choose a second mortgage after researching the rates of interest offered by different lenders and the monthly payments you can afford to make. You can approach your first mortgage lender for your subsequent mortgage and check if your lender can waiver some fees/charges.





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August 18, 2011

Interest Only Home Equity Loans Featuring a Fixed Second Mortgage Rate from BD Nationwide

Filed under: Second Mortgage — Tags: , , , , , , , , , , , — admin @ 6:32 am


Interest Only Home Equity Loans Featuring a Fixed Second Mortgage Rate from BD Nationwide

Encinitas, CA (PRWEB) December 13, 2006

BD Nationwide Mortgage introduces an affordable home equity loan that features an interest only payment option with a fixed rate. This second mortgage allows borrowers to get a fixed mortgage rate while also benefiting from a reduced payment and increased cash flow. Homeowners have the luxury of converting their home equity line of credit into a fixed rate second mortgage while keeping the interest only option. BD Nationwide has released several new second mortgage products in 2006 that have offered additional “cash out” opportunities for homeowners without requiring them to refinance their existing first mortgage.

BD Nationwide proudly presents the “Interest Only Fixed Rate Home Equity Loan.” This unique second mortgage program allows homeowners to maintain the affordibilty of interest only payments but also have the security of a fixed interest rate. Interest only loan options are available with home equity credit lines and second mortgage HELOC conversion up to 100% combined loan-to-value. Borrowers can choose from 3,5 or 7 year fixed rate equity loan terms. The 125% second mortgage product does not offer interest only payment features at this time.

Advances for fixed second mortgage rates can be requested at anytime during the ten-year draw period: Three fixed rate advances may be open at any one time. The conversion feature limits you to a total of eight fixed rate advances may be requested over the draw period. In addition, there are no lending fees to convert to a fixed rate. Loan advance options are based on the balance requested.

Brendon Daly, a Sr. Loan Officer at BD Nationwide Mortgage, said, “This is an affordable home equity loan that enables my clients to preserve their cash flow when they need to, because borrowers can choose between the affordable interest only payment or the fully-indexed payment that pays down both principal and interest on the 2nd mortgage.” Daly continued, “These days I find the demand for consolidating credit card debt is rising, and these second mortgages offer the means to reduce interest rates and get debt paid off quicker.”

The Interest Only Fixed Rate Home Equity Program enables borrowers to refinance their credit lines, and convert variable rate home equity into a fixed rate 2nd mortgage. This interest only home equity loan is a great solution for borrowers in a money crunch. This unique 2nd mortgage offers the fixed rate that many borrowers need to go to sleep at night, while offering a low payment solution for a few years. The interest only home equity loan is available for both refinance and purchase transactions. BD Nationwide Mortgage Company has partnered with many of the nations leading home equity lenders in efforts to provide premium second mortgage products.

Second Mortgage Programs: Borrowers choose from fixed rate terms and HELOC conversions: 10 to 30-years. Home equity line of credit rate is a variable rate ( WSJ prime interest rate index plus margin) Home Equity Loans :Terms range from 15, 20, 25 or 30-year terms. Second mortgage rates are fixed interest rates (fixed interest based on market conditions on the conversion date)

Consumers searching for current interest rates, should visit: Home Equity Credit Line Rates. Borrowers may request a fixed rate advance after the close of escrow.Take advantage of interest only payment features with fixed-rate 2nd mortgages that provide reduced payment options for the initial fixed rate period. To learn more and get additional home equity tips from the 2nd mortgage experts, please visit: BD Nationwide Mortgage Company Online.

About BD Nationwide Mortgage Company:

BD Nationwide Mortgage is a home equity loan broker with corporate headquarters in Southern California. They specialize in refinance, second mortgages, 125% home equity loans and credit lines for homeowners seeking lower payments and cash out. The company focus remains solidified with refinancing and 2nd mortgages for people with all types of credit. Always striving to offer “out of the box” loans, BD Nationwide Mortgage is determined to help expand financing solutions so more Americans can maximize the financial rewards of being a homeowner.

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