Home values are continuing to rise, with the median price of homes sold in March reaching $297,000. That’s an 8.9% year-over-year increase representing the highest growth in four years, according to information collected by Redfin. With home values skyrocketing, it’s a great time to refinance. You won’t find many times in history that combine rising home value and demand along with low interest rates that are just starting to rise.
You can refinance your loan right now and save yourself money, or make money, in a variety of ways. You can lower your interest rate and save both on your monthly payment and your overall amount. This takes advantage of today’s lower rates and lets you refinance your loan to take advantage of the equity that you have built, and that has grown with home values rising.
Speaking of equity, you can utilize the equity in your home to take out cash from your home in a Cash Out Refinance, where your equity gives you the leverage in your mortgage to pull out cash, cash that you can use to make repairs or improvements on your home, or pay off credit cards or other higher interest bills, or just put the cash away for a rainy day. It’s your equity, use it how you want.
If you are self-employed or own your own business and have had trouble getting a mortgage in the past, you can utilize our game-changing Bank Statement Mortgage as well, which lets you use your deposits as your income for your loan.
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?