Pulse on Politics: A Pending Mortgage Crisis?

By chrisking • September 9th, 2014

There could be a second housing crisis on the horizon. During the lending “hey-days” of easy-to-obtain financing, many borrowers took out 2nd mortgages or Home Equity Lines of Credit (HELOCs). Typically, a HELOC allows 10 years for a client to make interest only payments. After 10 years, though, the entire balance must be paid off. But unlike a 30 year fixed payment, HELOCs have a 20 year re-payment term. This will mean drastic increases in monthly payments for those with HELOCs reaching their re-set period. Check with us today for options to refinance into a safe, fixed-rate mortgage to pay off your HELOC and repay your mortgages without a massive payment increase. We’re helping many through this troubling situation. Call us today.


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