LINE OF CREDIT vs LINE OF CREDIT
I have read recently that Lines of Credit (L/C) became the most popular mortgage products. Two obvious reasons. First, low interest rates on the first mortgages, second – need for money, thus accumulated income in the property became the savings bank.
Recently I received a phone call from the client whom I helped to get a mortgage (with the interest rate of 3.75%) during her divorce. Now she needs money to finish construction of an ADU (accessory dwelling unit). The problem is that because of her limited income, she cannot get conventional L/C or 2nd loan from a bank of a credit union. She found out about this after reaching out to them.
“Can you help?” was her question. At the beginning, the only solution I had was reverse mortgage second loan. However, she was concerned about the interest rate of 9.99%. Then, during the presentation in our office by Robert Rodriguez from REMN Wholesale, we found out that there are other options available. You can learn more about those options from today’s video posted onto my YouTube Channel.
In the meantime, if you have questions, please feel free to call me directly at (415) 225-7920 or email me at [email protected].
I promise to help.
Manny Kagan,
President,
Pacific Bay Financial Corporation
NMLS #205637
DRE #00824602