1st Eagle Mortgage | Mortgage and Loan Company | Chicago Northfield Illinois

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Time To Say Goodbye To Your Equity Line Of Credit

Do you still have a Home Equity Line of Credit(heloc)? A few years ago they came in handy if you wanted to get some cash out of your home for anything you wanted. Almost all of them had 10 year terms of interest only payments. Yours may already have adjusted so that you’re not only paying principal and interest but the payment is also based on the remaining term (probably 20 years). Your payments will go up every year. Even if you have a year or two left before it adjusts, now is the time to call me to explore your options.

The Federal Reserve is planning on 3 more rate increases this year. Fed Fund rates have a direct effect on the prime rate and equity lines of credit. Since long term rates of 15, 20, or 30 years are still low, call me to see if it’s possible to put your 1st and 2nd loans together at little or no cost. Office: (847) 441-4116; Cell: (312) 502-0119

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