Home Price Gains In 2014 Give Homeowners A Collective $1.7 Trillion In Additional Equity
San Diego, CA (PRWEB) December 21, 2014 -- Blue Home Loans, Inc. is a full-service California mortgage company that has been helping its clients to save money on their home loans for many years. The company offers excellent customer care, the lowest wholesale California mortgage rates available and a very wide range of mortgage products in order to have the very best options available for their clients. Recently the company has had an influx of California homeowners seeking home equity loans thanks to the slow but decent home price gains in 2014 resulting in more people finally seeing positive equity on their homes.
A December 19th report from CNBC’s Diana Olick states, “Home prices slowed down dramatically in 2014, but still made enough gains to give U.S. homeowners a collective $1.7 trillion in additional home equity, according to real estate company Zillow. Some tapped that immediately, taking out home equity lines of credit. In fact, that was the fastest growing segment of the mortgage market.”
Blue Home Loans explains that while in the past home equity loans were given out and used haphazardly in many cases (with lenders ignoring basic safeguards and borrowers often spending the money on luxury goods or vacations) today’s lenders and borrowers are being much more responsible. As a result requirements for taking out a home equity loan may be a bit more stringent (but still not out of reach for most homeowners) and borrowers are using the money wisely, often to pay off other high interest debts like credit cards, continue their education for better employment prospects, or for home improvements that add value to their biggest asset – their home.
Another trend the company is seeing is California FHA borrowers using their new found equity to refinance FHA loans into conventional loans. These types of refinances may hold many benefits for borrowers, the most obvious of which would be eliminating costly mortgage insurance payments, which could save homeowners several hundreds of dollars a month and thousands of dollars over the life of their home loans.
Whatever the situation may be, the Blue Home Loans team of mortgage professionals can help California borrowers to gain the most benefit possible from their home equity. Lead by father and son, Robert and Brandon Blue, the experts at the California mortgage company have years of experience working with basically every type of mortgage program and loan scenario around. As the Blue Home Loans website states,
“We make finding a loan simple because we have virtually every loan program available, regardless of the type of mortgage you are looking for. Whether you are dealing with bad credit, foreclosure, bankruptcy, or low credit scores, we can help you. It only takes us five minutes to find the right program that fits your needs.”
For more information on how Blue Home Loans can help California home loan borrowers get approved for their home equity loan or refinance quickly, please visit BlueHomeLoans.com or call 1-888-929-BLUE (2583) to speak with an experienced mortgage professional.
California Bureau of Real Estate -- BRE #01938557 NMLS #1162386
Brandon Blue, Blue Home Loans, Inc., http://bluehomeloans.com/, +1 (949) 291-8468, [email protected]
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