According to a new post from Black Knight Financial Services, there are $5.4 Trillion dollars in Mortgage Refinancing available to American homeowners, which would constitute the largest amount in history. This “tappable equity” has risen to these heights due to the rapid increase in home values, and many homeowners have no idea that they can take advantage of the equity in their home to take some cash out or refinance their mortgage to take years off of their commitment and save money on interest rates.
A Cash-Out Refinance is a great way to put money in your pocket for things like remodeling your home, adding on new features, paying off credit cards and other high-interest debt, purchasing a new car, or taking a trip. You can spend that money however you want because you’ve earned it. As home values skyrocket, more and more equity is raised in your home.
One major point to remember is that the new tax rules eliminate the ability to write off interest payments from HELOC’s, or Home Equity Lines of Credit, but you can still write off interest from your mortgage, including a Cash-Out Refinance. If you have a HELOC or need cash, a Cash-Out Refinance will allow you to keep that interest deduction and save on your tax bills next year.
With homeowners sitting on so much equity, home remodeling is set to explode this year as homeowners realize that taking a Cash-Out Refinance to fund improvements and repairs to your home increase the value of the home further. You need to get started on your refinance now to make sure that you can book a good construction company to get work done this Spring and Summer, whether you are putting in a pool, adding a bedroom, building a deck, repairing the roof, or whatever improvements to your home you are thinking about doing.
Call The Home Loan Expert Team in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515, Nashville at (615) 810-8555 or Birmingham, AL at (205)721-7656. You can always apply online at hero.loan for your VA Loan, and www.thehomeloanexpert.com for your other mortgage needs, and we’re also open on Saturdays and will come to you to help close your loan. We work hard to make it easy on you. Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?