When we talk about “Tappable Equity”, that means the appraised value of your home, minus the 20% that you need to keep in your mortgage as a safety net. As home values rise, and you pay more into your mortgage, you gain equity and can tap into more money to help you with credit cards, make home improvements, or pay off other debt. Home values continue to skyrocket, meaning that if you are a homeowner, it’s a great time to refinance. There are 5.8 trillion dollars in tappable equity available to homeowners right now, and they aren’t taking advantage of it.
According to Black Knight, a mortgage analytics company, tappable equity rose by 7% in the 1st quarter of 2018 compared to the previous quarter. That is a historic rise in the amount of money that is available for homeowners.
While many homeowners opt for a HELOC, or a Home Equity Line of Credit, we don’t recommend them. A Cash Out Refinance is a far better way to raise funds to help your financial situation.
A Cash Out Refinance is a refinance that puts money in your pocket. You can refinance to a lower interest rate and use the difference to pay off high-interest debt like credit cards, or you can finance home improvements and increase the value of your home further or afford other expenses that you may have had trouble with.
A Cash Out Refinance with The Home Loan Expert is just as easy as a regular refinance, and you can close quickly. There really aren’t a lot of excuses not to do it. We are open 7 days a week, we will come to you for meetings, and we close quickly because we make our own credit decisions.
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?