If you’ve been watching the market, you probably heard that home values are increasing at record rates. In just the second quarter this year, homeowners gained another $1 trillion in equity, according to real estate data firm Black Knight. This is great news for homeowners!
This historical 37% increase in your equity from last year means you have more equity in your home that you can tap into and put to work for you, and still have 20% equity in your home. There’s little doubt that NOW is the best time to refinance, and here’s why:
YOU COULD PAY OFF OTHER BILLS
If you’ve ever carried a balance on your credit card, bought a car or even have a student loan, you know the anxiety of paying those high-interest payments that eat away at your monthly budget. By tapping into your home’s equity, you can pay off those high-interest loans and put that money to better use, like investing more into retirement or using the extra cash to have a bit more fun each month!
YOU COULD RENOVATE AND CREATE YOUR DREAM HOME
Who hasn’t dreamed of that chef’s kitchen, your own spa bathroom or even a movie-like theater room? A refinance could help you get there sooner than you thought by investing that increased equity back into your home. And the best part, it could increase your home’s value even more!
YOU COULD DROP PMI
If you weren’t able to put down 20% on your home when you bought it, there’s a good chance you’re paying PMI (premium mortgage insurance) each month. With your increased equity, a refinance could help you drop that payment and put that money into your pocket each month. And who couldn’t use more cash each month for unexpected expenses, or even to have some spontaneous fun?
YOU COULD LOWER YOUR INTEREST RATE
By lowering your interest rate, you’ll save money on your monthly mortgage payments. It’s just one more way to get that extra cash into your budget each month!
YOU SKIP A PAYMENT
Did you know when you close your loan that first monthly out-of-pocket payment gets skipped? That means you’ll have a month of extra cash that if you time it right, could be a huge help with your holiday shopping!
THE TIME’S NOW!
However you look at it, the time is NOW to benefit from a refinance before rates rise! Reach out today to learn how you could benefit from a home refinance and make your dreams a reality.