Home Equity Credit Lines: Not a Thing of the Past

Home equity lines of credit are not a thing of the past. In fact, with the government not extending the loan limits to $729,750 (at least for now) HELOCs may be a solution to bridge the gap.
Nov. 1, 2011 - PRLog -- The government did not act to extend the maximum “jumbo conforming” loan limit that previously stood at $729,750, so for many counties across the state, the limit dropped to $625,500.  But this does not have to be a “gloom and doom” scenario for clients with loan amounts exceeding $625,500.  Lately I have seen a resurgence in home equity line of credit (HELOC) lending.  HELOCs can serve as a solid tool for bridging the gap between the conforming and jumbo loan limits.  Call us today for more details.

Also, CPK Mortgage maintains its focus on "Socially Responsible Lending."  Do you have extra pairs of shoes lying around the house?  Consider donating them to Shoes for the Homeless.  I recently became a board member of this amazing organization that donates lightly worn shoes to the homeless and those in need at no cost.  Already, we have an amazing success story of a homeless man who was able to attain a job through an interview at which he wore a donated pair of shoes.

And as a recap from last week's post, owners in condo complexes often find it annoying to refinance because their HOA may charge numerous fees to complete bank-required documents.  According to a California Association of Realtors report, to address this Governor Brown recently signed AB 771, “a bill that prevents homeowners in common interest developments (CIDs). . . from being charged excess document fees.”  CPK Mortgage is proud to be a member of CAR: an organization that advocates for our clients’ best interests.
Source:Christopher Patrick King
Email:***@cpkmortgage.com Email Verified
Tags:HELOCs, Home equity credit lines, Jumbo Loans, Credit Lines, Social Responsibility, Mortgages, Lending, Loans
Industry:Banking, Mortgage, Real Estate
Location:Culver City - California - United States
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