Or more specifically, look at your house.
Many Americans are unaware of exactly how much equity they have gained from the market changes. In 2022 alone, the average homeowner saw their equity grow by $34,300.* Some areas of the country posted even larger gains!
Equity is the difference between what you owe on your mortgage and your home’s market value.
And the good news is that you don’t have to sell your house to access that equity. With a cash-out refinance, you can take out a new loan, stay in your house, and receive money that you can spend any way you choose. Make renovations to your home, cover tuition costs, or fulfill any other financial goal you have. This may especially make sense as a strategy to pay off high-interest debts, like credit cards.
Talk to your Loan Officer to find out how much equity you have in your home and how to tap into it!
*CoreLogic, a data and analytics company, U.S. Homeowner Equity Insights, December 2022.