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 secure home equity loan application that takes 10-15 minutes to complete.
|Personal information||Financial information||Home information|
Are you applying with a co-applicant?
Here's what a co-applicant needs to apply with you.
|Personal information||Financial information|
Are you consolidating debts with your home equity loan?
If you are consolidating debts into the loan, you will need the following for each creditor:
- Creditor name and account number
- Outstanding balance
- Monthly payment
Nationwide Bank's loan department will contact you for the documents below. If you are applying with a co-applicant, their financial information will also be required. Please fax or email these documents to the number they provide.
|Financial information||Home information|
If you are self-employed or receive commission or rental property income, we will also need:
- Most recent two years business federal tax returns with all schedules (signed and dated)
- Year to date profit and loss statement and balance sheet
- Copy of all K-1 schedules for S-Corp's and Partnerships showing on tax returns (on Schedule E)
- Copy of lease for each rental unit
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.
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