Nationwide Home Equity Loans Review

#8 in Home Equity Loans

Nationwide Bank is a federally chartered savings bank and member of the FDIC. Nationwide company specializes in providing financial services that include banking, annuities, insurance, retirement planning and home equity loans.   

Services and Features

Nationwide offer home equity loans with fixed or variable interest rates. Your home’s equity is converted to cash or a lump sum loan.  The interest rate remains consistent throughout the home equity loan.

Nationwide determines interest rates based on your credit score, income and current debt. It may also vary according to the cost of borrowing money applied to a home equity loan or home equity line of credit. Nationwide uses your home as collateral.

Nationwide offers home equity line of credit which is very similar to home equity loan. It has a draw period of 10 years.  

Nationwide provides online resources and tools which help clients to better understand the process of home equity. Aside from the articles and comparison charts, Nationwide also offers a financial guide for their current borrowers and future clients.

Services and Features

Home Equity Mortgage Calculator

Refinancing

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Online Quotation

Online Application 

Financial Guide

HELOC Draw Period

10 Years

Types of Home Equity Loans

Fixed Rate Loans

Home Equity Lines of Credits (HELOC)

Qualifications

Age

At least 18 years old

Credit Score  (Minimum)

500

Primary Home Owner

Accreditations

Member of US Department of Housing and Urban Development

 

Member of FDIC

Insured by FHA

Approved by Equal Housing Lender

Plan Details

Origination Fee

1%  of the total mortgage loan

Closing Cost

$750

Maintenance Cost

Not Stated

Application Fee

$250-$500

Variable Rate APR

3.25%

Fixed Rate APR     

Not Stated

Help and Support

Mobile App

Telephone Support

Live Chat

Email

FAQs

Home Equity at Nationwide

Nationwide may not be the best choice when it comes to home equity loans. The company charges origination fees, closing costs and application fees that certainly adds up to the cost of taking a home equity loan.  

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