HELOC Conversions -- A Second Housing Crisis?

SALINAS, Calif. - Oct. 2, 2014 - PRLog -- There could be a second housing crisis on the horizon.  During the lending “hey-days” of easy-to-obtain financing, many borrowers took out 2^nd 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.

From a social responsibility standpoint, CPK Mortgage has the following update.

The Culver City Rotary Club has adopted two apartments at the Upward Bound House in Culver City.  Upward Bound is a homeless shelter for families providing rapid re-housing and social services to get families back on their feet.  To help beautify and decorate these units with Culver City Rotary, contact us today for information!  Come help make a difference in the lives of these wonderful people.