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A lot of homeowners in places like Orange County, Los Angeles County, Riverside County, and throughout San Bernardino, Ventura and San Diego County, took out Home Equity Lines of Credit (HELOCs) during the recession. Many of these equity lines were interest only loans for 10 years. However, at Summit Lending, we’ve been getting a lot of calls from homeowners who are now seeing their interest rates skyrocket on these loans, as they adjust into fully amortizing loans. For homeowners who have large Home Equity Lines of Credit, payments have been increasing hundreds if not thousands of dollars each month.
So, what can you do if your Home Equity Line of Credit has adjusted, and your monthly payment has increased?
The options will depend upon your unique situation. But in some cases, it may make sense to refinance your loan now, before interest rates increase.
With a stronger economy, comes an increase in goods and service, which is why interest rates have been climbing a bit lately. But the increases are incremental, rather than drastic. All the same, in order to get the best mortgage rate for your refinance in Southern California, it may be in your best interest to speak with a top-rated and top-reviewed SoCal mortgage broker today. Refinancing now, before rates go up may not only decrease your monthly payments, but also save you money in interest over time.
At Summit Lending, in Orange County, we have decades of local experience and expertise in helping homeowners to refinance their mortgages at great interest rates. If you’ve had an interest-only HELOC, or adjustable rate mortgage (ARM), adjust recently, contact us today to discuss your options. We are a privately owned and locally operated team of mortgage brokers, loan officers, and direct lenders who can provide you with all options for money-saving refinances.
Because our Huntington Beach based team at Summit Lending is a direct mortgage lender, we can call the shots, and often approve loans very quickly. But, if we are not the best option for your unique mortgage needs, rest assured, we have established terrific relationships with dozens of other lenders, so that we can not only shop for the best interest rates, but we can secure your pre-approval quickly, and close loans very quickly. We provide FHA loans, VA loans, Fannie Mae loans, Freddie Mac loans, Jumbo Loans, and even Reverse Mortgages.
Please contact us today if you have any questions about a Home Equity Line of Credit that has adjusted, or if you’re interested in learning more about lowering your monthly payments. We are here to help you make great decisions for you and your family, through using your home as the incredible financial tool that it is.
Summit Lending is a top-reviewed mortgage brokerage and lender in Southern California. We provide home loans at great interest rates to first time home buyers, homeowners looking to upgrade to a larger home, homeowners looking for a cash-out refinance, and homeowners looking to access their equity through a Reverse Mortgage. Please call 888-451-9006 or visit us on Facebook, or contact us online for more information.