Home Equity Loans and Lines

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Get a home equity loan from Nationwide Bank today

Home Equity Loans

Apply for a home equity loan today

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.

Features
Rates
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FAQs

Home equity loan features

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.

A low home equity loan rate is just one of the features you’ll enjoy when you choose Nationwide Bank^®. We also offer the flexibility and service that you want.

Low, fixed interest rates

A fixed home equity loan rate makes budgeting easier.

All your funds at once

Get the entire amount of your home equity loan at once to pay for your expenses.

Quick and easy online application

It takes just 10 minutes to complete the home equity loan application.

Loan type	APR* as low as
Conventional Home Equity Installment Loan	5.69%

What you need to apply for a home equity loan

We want to help you make smart decisions with your money. By using your home’s equity, you are even closer to paying for education expenses, starting home improvements, paying for medical bills and even consolidating debt. Complete a home equity loan application from Nationwide Bank^®, and get started today!

One form of government issued photo identification, such as a driver’s license or state ID
Previous residence information if you’ve been in your current home less than two years
Previous employer information if you’ve been with your current employer less than two years

The amount you would like to borrow
Amount of your down payment, if applicable
Your annual income (salary, bonuses, retirement income, etc.)
Other income information (alimony, child support, separate maintenance) if you wish to have it considered as a basis for repaying your loan

Purchase date (month, day, year)
Purchase price
Market value
Mortgage balance
Monthly mortgage payment

If you are applying for a home equity loan with another person, you will need to have his or her 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

Find answers to your home equity loan questions

Q. How does a home equity loan work?
A. 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

Q. After I am approved for a home equity loan, how quickly do I get a check?
A. Once you close your loan, there is a three-day recission period. Your check is sent to you by overnight mail on the fourth day.

Q. Is it possible to pay off my home equity loan early?
A. 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.

Q. Do I have to pay closing costs?
A. A maximum $750 in closing costs are waived at closing.

Q. How much can I apply for with a home equity loan?
A. We offer home equity loans from $10,000 to $500,000, based on the available equity in your home.

Q. How is my equity determined?
A. 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%.

Example

Q.Should I get a HELOC or home equity loan?
A. 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!

Insurance products offered through Nationwide Insurance are NOT insured by the FDIC or any federal government agency, nor are they guaranteed by, deposits of or obligations of Nationwide Bank.

*APR refers to Annual Percentage Rate. APR effective as of 5/1/2013 and subject to change.

Disclosed Annual Percentage Rate (APR) is available for applicant’s with excellent credit. All loans are subject to approval and your individual APR may vary based on your creditworthiness and loan to value. Total line of credit is calculated based on appraisal value of your home, not to exceed 80% of the appraised value of the property minus any existing mortgage balances.

1 Up to $750 in closing costs, which include appraisal fees, will be waived upon closing. Closing costs are typically less than $750 unless property is located in MD, SC, NY and FL. MD, SC, NY and FL customers will be responsible for additional tax assessments over $750, which can be estimated between $750 and $6,000. If the home equity loan or line is paid off or closed in the first 24 months, you will pay Nationwide Bank $300.

2 Please consult your tax advisor regarding the deductibility of interest of your home equity line of credit.

Debt Consolidation Information: The amount of savings realized with debt consolidation varies by loan. If you consolidate other bills, and make only the minimum payment on the equity line, there may not be a savings over the entire term of the equity line since the equity line typically has a longer term than the bills being consolidated. Federally Guaranteed Student Loans should not be considered because you will lose important federal benefits. Insurance must be carried on the real property securing the account, and flood insurance must be carried if the structure on the real property is located in a Special Flood Hazard Area.

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Nationwide Mutual Insurance Company, Nationwide Mutual Fire Insurance Company, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company and Nationwide Investment Services Corporation are affiliates of Nationwide Bank. The insurance products and services offered through these affiliates of Nationwide Bank are not insured by the FDIC or any federal government agency, nor are they guaranteed by, deposits of or obligations of Nationwide Bank. The products and services offered through Nationwide Investment Services Corporation are subject to investment risk, including possible loss of value.

Programs (including, without limit, fees, rates and features) are subject to change without notice.

Nationwide Bank, Member FDIC, is a federally chartered savings bank.

Equal Housing Opportunity Federal Deposit Insurance Corporation