Clients had an adjustable loan and were paying about $6,300 a month. Since the interest rates dropped, we could get them a 30 year fixed rate and drop their monthly payments to $4,774.
However, there was a catch.They also had a line of credit (L/C) of $450,000. Thus to refinance the first loan (or combine the 1st and L/C), the appraisal value had to be $2,165,000.
Currently, it is not quite there yet. We had no choice but to wait.
Perhaps with the property’s increase value, the client will be able to save about $1,500 every month.
