Posts Tagged ‘Options’

BD Nationwide Mortgage Offers a Convertible Home Equity Line of Credit with Options to Refinance Portions to a Fixed Rate Second Mortgage Loan

Posted in Home Equity Loans on 04/18/2011 08:54 am by admin

BD Nationwide Mortgage Offers a Convertible Home Equity Line of Credit with Options to Refinance Portions to a Fixed Rate Second Mortgage Loan











Encinitas, CA (PRWEB) August 29, 2006

BD Nationwide Mortgage introduces a smart home equity loan that can separate into several loans with both fixed and adjustable rates. BD Nationwide has released a new home equity product that boasts of a convertible home equity line of credit offering options for turning variable interest rates into fixed rate second mortgages. BD Nationwide proudly presents the “Fixed Rate HELOC Conversion Program.” 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 these second mortgages allow you to keep the unused portion of the home equity line open, while fixing the interest rate for the specified portion. In that sense, the HELOC splits into two loans. (one loan is a fixed lump-sum loan and the other is an open end line of credit)

Conversion options are available to convert a portion or all of the home equity line balance to a fixed interest rate home equity loan. This program allows you to convert HELOC portions to fixed rate loan eight times during the draw period.

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.

Lynda Nelms, a Sr. Loan Officer and Mortgage Consultant at BD Nationwide, said, “This is a progressive loan that allows my borrowers to be savvy using their home equity when they see fit, while converting adjustable rate interest into a fixed rate second mortgage with a simple interest amortization.” Nelms continued, “These days I find homeowners need cash out for debt consolidation or home improvements, but they already have a large second mortgage.”

The Fixed Rate HELOC Conversion Program enables our clients to refinance and convert their existing line of credit into a fixed rate second mortgage, while opening up an additional revolving credit line they can access later. This home equity conversion loan is a great solution for the recent dilemma of refinancing jumbo home equity loans that seem to be so common with million dollar homebuyers. BD Nationwide Mortgage Company has partnered with many of the nations leading home equity lenders.

Home Equity Line of Credit Draw Period : 10 years

Second Mortgage Rate is a Variable Rate ( WSJ prime interest rate index plus margin)

Home Equity Loan Terms: 15, 20, 25 or 30-years

Second mortgage rates are fixed interest rates (fixed interest based on market conditions on the conversion date)

Home Equity Loan Repayment Terms:

Borrower may request a fixed rate advance from the customer care dept. after the lender funds the loan.

Fixed Rate Advance Option: Fixed-rate advance options can initially be requested by loan officer at the time of disclosures.

To learn more and get additional loan information, please visit: Second Mortgage & Home Equity Loans

About BD Nationwide Mortgage Company:

BD Nationwide Mortgage is a second mortgage broker with corporate headquarters in Encinitas, California. They specialize in refinance, home equity loans and credit lines for homeowners seeking debt consolidation or cash out. The company focus remains solidified with second 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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Related Home Equity Loans Press Releases

 

Home Equity Loans – The Truth Behind Your Basic Home Equity Loan

Posted in Finance on 06/29/2010 05:22 am by admin
Tim Gorman asked:




If you are the average person then you have probably been forced to sit in the waiting room of a bank, credit union, or financial institution? Have you been turned down every time you try to get a home equity loan? If these things have happened to you then getting a loan online is the best bet for you.

If you are in a financial bind you should get a home equity loan. If you are like a lot of America you probably do not know how to even begin to get a loan on your home equity or which one is right for you. You need to remember that when you are choosing which loan you should get that there are many companies that are out there and they should be fighting for your business not you fighting for them. Finally, remember that you should feel comfortable with the options you have and you should know how much you should be lent.

What is a home equity loan? The loan give you money that you are able to spend on whatever you want to spend it on at whatever time you want to spend it. The amount of money you can get off of your loan depends on the amount of equity on your home. Depending on how much equity is on your house depends on what you are able to spend the money on. People usually spend the money on a household item that they may need, their child’s college tuition, paying bills, etc. You should also find a loan that has a low interest rate that way you are able to get the money you need and still have to not pay high rates on your loan.

Have you decided that a home equity loan is right for you? You can easily apply for a loan on your home equity by going to a website that offers it and you can fill out an application that can be filled out in about 15 min. Most forms have easy to follow step-by-step instructions on what you need to do to fill out the form because the companies realize many people are not computer savvy. Once you have completed the forms a representative should get a hold of you in a matter of days. With such an easy process that will take no more than a few days for you to be accepted it is worth it for you to go and get a loan.

If you own your house and need cash fast getting a home equity loan is something you should strongly consider.

Louis
 

No Doc Home Equity Loan

Posted in Finance on 05/25/2010 10:27 pm by admin
Gressly Stevens asked:




Are you in the right situation to use a home equity loan to add on to your home, fix it up, consolidate some debt, or for any other reason you might have? If so, then you might consider using a no doc home equity loan if your situation is the right one. Here is what you need to know about the no doc options.

First, if you are self employed, then you are the prime candidate for this type of home equity loan. This type of loan was actually created to make it easier for self employed individuals to get a mortgage because it is very rare that someone that runs a business has an easy time proving all of their income. With business expenses and cash payments not getting documented it can be difficult to come up with your real income.

Second, if you are a tipped employee or someone that works mainly for cash, then you already know how hard it will be to prove your income and that makes it very difficult to get a good mortgage. However, if you have very good credit or at least pretty good credit, then you can use the no doc options and you will have a much easier time getting approved for your home equity loan.

Last, if you work a steady job and you get paid a regular paycheck, then you would be making a terrible mistake to get a no doc home equity loan. This is not for you and any mortgage broker or account executive that tries to talk you into this type of loan will be setting you up for failure. This is just not a good situation and this could be the cause of a foreclosure so be very careful if you find yourself in this category.

Bruce
 

will a lender modify my home loan even if im not in default?

Posted in Renting & Real Estate on 03/10/2010 01:29 pm by admin
JUICER asked:


I have 2 properties in florida. one is investment and the other is second home. I have not defaulted on any of my loans and both me and my wife have credit scores of 760 and above. I am spending more than i earn right now to maintain these mortgages and fear that if the one with a payoption arm recasts i will go into foreclosure. can i modify even though i am not in default as of right now? there is no equity in the home the mortgage is now more than the home is worth. what are my options? what are the repercussions for homowners who just stop paying their mortgages? can they foreclose on my primary if i stop paying my investment home? please advise.

COREY
 

How else can I pull equity?

Posted in Personal Finance on 11/23/2009 07:50 am by admin
adworld asked:


Ok so I need to find out how to pull more money out of my house, help!

So we have a first mortgage of $203k on the home… We also have a $88k HELOC on the home… When we got the HELOC a couple months ago the loan company did a automated home valuation and the numbers came back as follows…

Estimated Low Value: $366k
Estimated Market Value: $420k
Estimated High Value: $481k

I would like to pull as much money out of my home as possible what other options do i have? I cant get another equity line, can I? Can I do a second mortgage on top of the fisrt and the HELOC? How can I access the remaining equity?

Also based on the estimated numbers what is my home worth?

Thanks!

ROBBY

 

Will i loose my home?

Posted in Renting & Real Estate on 06/19/2009 06:26 am by admin
SBCT asked:


I purchased a home with a childhood friend. Both our names are on the title and both of our names are on the mortgage. We lived in the home together for approx. 1 year and then we moved out going our seperate ways and turned the house into a rental property.

I purchased a second home with my new wife that we currently live in. My childhood friend lost his job a while back and can not afford to pay his part of the mortgage for the house and i can not afford to pay the whole mortgage in addition to the mortgage on the house me and my wife live in. the rental income from the house helps a little but we still have an approx. $1000 difference every month we have to come up with (his half is $500 and my half is $500). what are my options? if we cant pay the rental houses mortgage anymore and it gets foreclosed upon, is my home i live in with my wife in any kind of jeopardy???

selling it is out of the question as the real estate market slide puts us in a negative equity situation.
California……..

How long does it take for my credit to recover from that? 5 year? 10 years?

WILSON

 

I am $50K in credit card debt, what are my options in terms of debt consolidation?

Posted in Personal Finance on 06/12/2009 11:45 pm by admin
KarenB asked:


I own my home, but do not have enough equity built to refinance and get $50K to pay off credit card debt-what are my options? Someone told me a second mortgage may work, but I have only owned my home for 14 months. Balance on my current mortgage is $77K, home value is max $90K.

WALTER
 

I have 2 mortgages and a second mortgage on my unsold house what are my options to transfer my second mortgage

Posted in Renting & Real Estate on 05/24/2009 01:29 pm by admin
Kimi asked:


I need to transfer my second mortgage to my new home so I can lower my asking price for my unsold home. I am currently paying 2 mortgages and a second mortgage. Is there a way to transfer my second mortgage to my new home? I have only lived in my new home for 4 months and finances are getting tight. The equity is low to none in the new home.

MERLE
 

How else can I pull equity?

Posted in Renting & Real Estate on 05/11/2009 07:14 am by admin
adworld asked:


Ok so I need to find out how to pull more money out of my house, help!

So we have a first mortgage of $203k on the home… We also have a $88k HELOC on the home… When we got the HELOC a couple months ago the loan company did a automated home valuation and the numbers came back as follows…

Estimated Low Value: $366k
Estimated Market Value: $420k
Estimated High Value: $481k

I would like to pull as much money out of my home as possible what other options do i have? I cant get another equity line, can I? Can I do a second mortgage on top of the fisrt and the HELOC? How can I access the remaining equity?

Also based on the estimated numbers what is my home worth?

Thanks!

GREGORIO

 

My lender declined to refiance my house with a line equity as a second mortgage, what should I do?

Posted in Personal Finance on 05/09/2009 06:09 am by admin
Chong L asked:


Basically, like every other home owners out there. My wife and I took a line of equity several years ago. Our house is now under water, we owed more than what the home value is worth at today’s market value. We’ve tried to refiance with our lender but was told we did not qualify to refinance. What should we do? Should we let go the house or keep on paying the mortage, which we barely making it month by month. Please I need some honest opinion about my options. Thanks.

MATT