A home equity loan is a great solution when you need a specific amount of money – for tuition, home projects, debt consolidation and more. Home equity loans give you a low fixed interest rate, so your monthly payments stay consistent.
Pay Less on What You Borrow With a Home Equity Loan From Nationwide Bank®
|Loan type||APR* as low as|
|Conventional Home Equity Installment Loan||5.69%|
Home equity loans are a great way to finance upcoming expenses. You’ll get a lump-sum payment with a fixed interest rate. Then you can use the money for house projects, tuition, debt consolidation, medical expenses and more.
With a home equity loan from Nationwide Bank, you’ll also enjoy these features:
- Loans available from $10,000 - $500,000
- Low home equity loan rate
- No appraisal fees, closing costs or annual fees1
- Potential tax-deductible interest2
Nationwide Bank has a quick and secure home equity loan application that takes just 10 minutes to complete.
|Personal information||Financial information||Home information|
If you are applying for a home equity loan with another person, you will need to have that person’s ID, residence, job and income information, too.
If you will use your home equity loan for debt consolidation, you will need the following for each credit balance:
- Creditor name
- Outstanding balance
- Monthly payment amount
How does a home equity loan work?
After you are approved for and close your home equity loan, we will send you a check for the entire amount of the loan. The following month, you will start repaying the loan at a fixed interest rate and payment.
After I am approved for a home equity loan, how quickly do I get a check?
Once you close your loan, there is a three-day rescission period. Your check is sent to you by overnight mail on the fourth day.
Is it possible to pay off my home equity loan early?
Yes, you can pay off your home equity loan early with no penalties. However, if the loan is paid off within the first 24 months, you must reimburse us your closing costs, up to $300.
Do I have to pay closing costs?
A maximum of $750 in closing costs are waived at closing.
How much can I apply for with a home equity loan?
We offer home equity loans from $10,000 to $500,000, based on the available equity in your home.
How is my equity determined?
Your equity is based on your current home’s value, less the balance of any existing mortgage. The maximum loan to value (LTV) is 80%.
Should I get a HELOC or home equity loan?
Each home equity option comes with its own benefits, so the answer depends on what works better for you.
With a home equity loan, you get the entire loan amount at once. That works well if you know how much you need to spend. You’ll also pay a fixed interest rate with a home equity loan, which means you’ll know what your monthly payment will be.
With a home equity line of credit, you can use your funds as you need them. This is helpful if you don’t know exactly how much you’ll need. Because the amount you use may vary over the course of the HELOC, your monthly payment may change.
Don’t forget that Nationwide can provide you with the insurance you need to protect your home. Request a home insurance quote from Nationwide Insurance today.
Nationwide Bank NMLS #769318. To verify that a mortgage company or individual is authorized to conduct business in your state, visit the NMLS Consumer Access website.
Manage your checking, savings or money market account from your phone or iPad.BKW-0650AO.2
The Bank Note
The newsletter that helps you spend and save…better.
Safety & Stability
We're a financially sound, 4-star rated financial institution backed by FDIC insurance.BKW-0476AO.2
Boat, Motorcycle & RV Loans
Get the same great rates for new, used and refinanced vehicles.BKW-0218AO.4
Same Great Rate for New and Used Autos
Buy the right car with the right car loan from Nationwide Bank.BKW-0216AO.5
Get a Lower Mortgage Rate
We offer low rates for fixed, adjustable and refinance mortgage loans.BKW-0410AO.3
Use Your Home's Equity
Start a home project or consolidate credit card debt with a lower interest rate.BKW-0667AO
Online Savings Account
We make it easy to save for the holidays, a special occasion or a rainy day.BKW-0246AO.5
Earn a rate that's almost triple what other banks offer.BKW-0213AO.3
Open a CD Account
Lock in a higher rate with flexible terms from 3 months to 5 years.BKW-0214AO.6
Great Money Market Rates
Get top-tier rates and easy access to your money.BKW-0244AO.6
Nationwide Bank® Buxx Card
Teach your teen to make smart money choices.BKW-0548AO.1
Nationwide Bank® Visa® Gift Card
Say happy birthday, congratulations or thank you with the perfect gift.BKW-0232AO.3
1% Cash Back and No Annual Fee
Sign up for your Nationwide Bank Visa® today!BKW-0413AO.4