Interest rates have been at historic lows, so most homeowners have locked in historically low interest rate on their first mortgage. But for those that want to access the equity in their home, an Equity 2nd mortgage might be a good option for them.
That gives you the opportunity to pay off or down credit card or auto loans. It’s also a chance to support your kids with their education, help aging parents or invest in that exciting new opportunity. Whatever drives you, this is your chance.
And unlike a First mortgage, the process is a whole lot less stressful.
Estimated payments assumes a 10-year and 20-year ﬁxed rate, 2nd lien, rate & term home equity loan, loan-to-value ratio up to 75%, credit score of 720, and debt-to-income ratio of 40% or less. For example, as of 5/1/2017, a $50,000 loan amount ﬁnanced at 6.24% (6.61% APR) would result in 120 monthly principal & interest payments of $561.15 or at 6.49% (6.71% APR) would result in 240 monthly principal & interest payments of $372.49.
Rates, Term, and Monthly Payments
* Annual Percentage Rate (APR), (Interest) Rates, and maximum loan amounts are subject to change and assume that you are borrowing $100,000 over a Term of 5 years against an owner-occupied single family home, all borrowers have credit scores of 760 or higher, debt-to-income ratios of 40% or lower, and your property has combined loan-to-value of 80% or less. “As low as” Monthly Payments are based on the same assumptions mentioned, except the Loan Amount is $20,000 and the Term is at most 30 years.
The Nationwide Mortgage value is only an estimate of the equity available to lend against your home, and is subject to change based on actual home value and mortgage(s) balance, in addition to an individuals debt-to-income ratio and underwriting guidelines. The Nationwide Mortgage value is in no way a a pre-approval, indication of eligibility or binding underwriting decision. Disclaimer: * Income documents may be more extensive for self-employed borrowers.