Mortgage Equity Loans Will Help You Save Big!
The truth behind mortgage equity loans
For many people, mortgage equity loans allow they money they’ve paid into their home to work for them all over again.
Doesn’t that sound appealing? If so, you would be wise to consider home equity mortgage loans right away. It is an increasingly popular way for homeowners to make use of the value of their most prized asset – their real estate. How do these loans work? Read on and fill out the form on this page for a risk-free, no-obligation consultation with one of Nationwide’s experts. You’ll learn about American mortgage loans and other important resources when you complete and submit the FREE application above.
The basics of mortgage equity loans
With mortgage equity loans or lines of credit, one can borrow up to 80% of the equity in their home. For example, if your home is valued at $125,000 and your mortgage balance is $50,000, you could borrow up to $60,000 (80% of your $75,000 equity). Of course, this money should not be used lightly at all – like all mortgage loans, this is money that you will have to pay back and your home operates as collateral on the loan.
If you fall behind on your payments, you might have to undergo foreclosure and then the lender takes over your property. We don’t recommend looking into mortgage equity loans if you are going to, say, go on vacation or something like that. Many people use their loans with the intention of paying off other debts immediately, such as college loans and so forth. The possibilities are manifold. Find out more about the home mortgage loans that best suit your finances by applying today.
You see, you get mortgage equity loans with the assumption that your home is going to appreciate in value. If it doesn’t, the homeowner ends up owing more than the house is worth, leaving them “upside down.” As you can imagine, this can lead to severe financial hardship. We recommend being careful when taking out any loan against your mortgage. With any type of loan you might have, be they fixed-rate or adjustable rate mortgage loans, you could be taking a risk if you do not manage them properly.
Mortgage equity loans and more
For those of you seeking refinance mortgage loans or the like, explore the rest of our site. You may also fill out the form at the top of the page to talk to one of Nationwide’s qualified loan experts for free. We can help people seeking out their first mortgage loans or those looking for help with their present mortgages. Our exclusive debt consolidation mortgage loans can help you manage debt by combining it with your home loan at a lower interest rate as well. Find out more when you consult with our staff.