The "No Appraisal" Home Equity Loan from BD Nationwide Mortgage

Encinitas, California   December 13, 2006   Business News
(PRLEAP.COM) BD Nationwide Mortgage introduces the "No Appraisal Home Equity Loan" that requires no URAR or 2055-drive-by appraisal. The latest home equity loan product from BD Nationwide reduces the loan process by 1-2 weeks.

The lender accepts a statistical value model (AVM)rather than a full residential appraisal that is usually required. Most formal appraisals require a licensed appraiser to visit, survey, and appraise the subject property with comparable sales in the neighborhood. In most cases, full appraisals take 1-3 weeks to complete from the time the orders is initiated. Most of the AVM models accepted with these home equity loans are completed with value in less than 30 seconds. Unfortunately, the AVM's do not work in all areas across the country. It is difficult for AVM's to produce values for homes in rural areas in many states.

According to Lynda Nelms, a Senior loan officer with BD Nationwide Mortgage, "The Automated appraisals are changing the ways we do decond mortgages." Nelms continued, "This is a giant step in automation for home equity lending and it saves my clients anout $300 in closing costs as well." The statistical appraisal eliminates the need to have appraisal reviews which usually add another week into the process. Nelms added, "let's face it, homeowners are sensitive about their home values. It is not just about the effect appraisals can have on the qualified loans either. Borrowers are very protective of their biggest asset, their home. With that in mind, it is easy to see why the AVM model can reduce the anxiety of the home equity loan process.

According to Chase Home Equity executive, Sam Assael, "Someday lenders may consider the AVM's as important as a credit report." Mortgage brokers have been reporting increase volumes for second mortgage products and elimintating a formal appraisal may significantly increase the home equity volume. BD Nationwide and participating 2nd mortgage lenders have been offering additional home equity and refinance products with underwriting guidelines enabling the use of AVM appraisals that calculate the home values online simultaneously with credit reports.

At this time, BD Nationwide also provides fixed rate second mortgages to 125%, prime rate HELOC's, and non-prime second mortgages for people with lower credit scores and past late payments, collections or bankruptcies.

Joe Prussack, a mortgage advisor at BD Nationwide, noted that the http://www.bdnationwidemortgage.com/125-home-equity-loan.html [125 home equity loan __title__ 125 Home Equity Loan] is a great vehicle for debt consolidation and quick access to money."

BD Nationwide Mortgage recommends homeowners visit their loan resource center online and indulge themselves with home refinancing tips from experienced home equity loan brokers. BD Nationwide urges you to consider working with loan officers who comprehensively understand stand-alone home equity lines and 125% 2nd mortgages. Check out the latest guidelines for http://www.bdnationwidemortgage.com/second_mortgage.html [second mortgages __title__ Second Mortgage] lenders. Consumers searching for the lowest interest rates online, should visit: http://www.bdnationwidemortgage.com/home-equity-loan.html [Home Equity Loan Rates __title__ Home Equity Loan Rates].

About http://www.bdnationwidemortgage.com [BD Nationwide Mortgage Company __title__ Second Mortgage Loans]
BD Nationwide Mortgage is a second mortgage broker from Encinitas, California who specializes in second mortgages and debt consolidation. The mortgage broker offers unique loan products for refinance, home credit lines, and jumbo purchase loans. The company continues to promote second mortgage loans with added value options for people with good and bad credit.
Contact Information
Bryan Dornan
BD Nationwide Mortgage
888-277-3173
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