Millions of Americans took out home equity lines of credit (HELOCs) ten years ago, right around the time that the real estate market was crashing. I love HELOCs and think they are great options for lots of different scenarios but many of them were set up with balloon payments after 10 years, so many people are looking at a bill that’s “all of the sudden” going to go up by 200% or more.
If you’re one of these individuals, what should you do?
- Don’t panic. You’ve been getting letters from your current HELOC lender telling you this was coming. You knew this was coming. It’s not a surprise, but you need to have a plan.
- Call us: Call Team Hochberg at 855-563-2843. We’ll see if you qualify to combine your expiring HELOC with your 1st mortgage, which could save you from the ballooning payment.
- Refinance: If you haven’t taken any draws on your HELOC in over two years, it’s considered “seasoned” and we can combine your first and second mortgage into one with a rate & term refinance. This could save you hundreds every month!
- Get informed: If you don’t qualify for the above plan, we’ll talk you through your other options, and help you get connected to the right individuals to help you.
We want to help, but we can’t help if you don’t call 855-563-2843 or visit our website today!