As everyone knows, home values are rising quickly and your house is likely worth quite a bit more than it was even a year ago. If you are looking for a new home or trying to sell yours, you have seen that demand for homes is far outpacing the available home inventory. Supply and demand makes your home worth more. According to Black Knight the first quarter of 2018 had an overall growth of tappable income that exceeded records and blew away expectations. Tappable equity is growing quickly, get your refinance now.
Tappable income is different than equity growth. It is a measure of the money in your home that homeowners can actually use. It’s basically the amount of money you can pull out before you get back to the magic number od 80 percent of your CLTV – the combined loan-to-value of your mortgage.
Tappable equity rose by $380 billion during the first quarter of this year. It represents a 7 percent increase in that value, which is the largest quarter of growth that Black Knight has seen since they started tracking it in 2005. While equity growth traditionally rises during the first and second quarters annually, this first quarter saw a 30% increase over last year’s first quarter.
People, there are $5.8 TRILLION in tappable equity dollars out there, and that has grown by over $820 billion dollars, or 16,5% in the last year. It’s the most on record and continues to grow.
I know we’ve said it before, but there has literally never been a better time to refinance your home. Low interest rates plus high tappable equity gives you the ability to get out from under credit card debt, finance home improvements, or just put money in your pocket for emergencies in the future.
We know that credit cards are an easy way to pay off emergency bills – car breaks down, kid needs braces, you need a new air conditioner, or whatever comes up. A cash-out refinance will help you get rid of those high-interest bills and put you back on the right path.
You can also refinance to a lower rate and just save money on your monthly payments or overall on your mortgage interest. We have put hundreds or thousands of dollars back into people’s pockets with refinances that have put them on the road to financial freedom.
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?