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 an astute home equity loan that can abstracted into several loans with both repaired and adaptable rates. BD Nationwide has let go of a fresh home equity product that boasts of a cashable home equity line of credit proffering options for turning adaptable interest rates into fixed rate second mortgages. BD Nationwide proudly presents the “Fixed Rate HELOC Conversion Program.” This incomparable home equity program allows homeowners to change over portions of their adjustable rate equity line into fixed rate home equity loans. Another key feature is that these second mortgages let you to keep the unaccustomed portion of the home equity line opened, while situating the interest rate for the stipulated 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 change over HELOC portions to repaired 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 repaired rate advances may be bespoken over the draw period. In addition, there are no imparting fees to change over to a fixed rate. Loan advance options are established 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 an enthusiastic solution for the modern dilemma of refinancing jumbo home equity loans that appear to be so average with million dollar homebuyers. BD Nationwide Mortgage Company has acted 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 specialise in finance, home equity loans and credit lines for homeowners looking for debt consolidation or cash out. The company focus remains solidified with second mortgages for people with all types of credit. Always endeavoring to proffer “out of the box” loans, BD Nationwide Mortgage is found out to assist spread out crediting solutions so more Americans can maximise the financial rewards of being a homeowner

# # #