Could consolidating your bills help you manage your monthly payments more easily? Have you been dreaming of visiting Italy for years? Or getting your house remodeled? Your home equity could be the means to achieving your goals!
Home values across the country have been rising, which means more people have untapped equity sitting in their homes. As of Q4 2019, the average homeowner gained approximately $7,300 in home equity over the course of just one year! If you have equity built up in your home, then you may be able to tap into it with a cash-out refinance.
With this type of home loan, you refinance your mortgage for a bit more than your original loan amount — depending on how much home equity you have — and you get the extra cash. You can then choose how you spend that money. Consolidate bills, purchase an investment property, pay for a vacation … the choice is yours!
If you could use a bit more cash in your pocket, take advantage of your home equity … it’s money you already own! Give me a call to discuss whether a cash-out refinance is the right choice for you.
Source: CoreLogic, a data and analytics company, Homeowner Equity Insights, Data through Q4 2019.