Is now a good time to refinance?
Is it time?
According to the Mortgage Bankers Association, 44.9% of American households have slightly greater than 50% in available equity in their homes at the end of Q1 2022.
Pent up equity positions, even in these market conditions, can lead to significant cash flow improvements (debt consolidation), and/or funds available for significant household purchases (home improvements, boats, RV’s, etc).
Taking advantage of the untapped equity in your home could include:
- Make home renovations and updates,
- Build a pool,
- Pay off debts (lower your monthly bills).
If you’re wondering if now is the right time for a refinance or cash out refinance, contact our award-winning team today!
Note: By refinancing your existing loan, your total finance charges may be higher over the life of the loan. Always consult with a tax advisor concerning tax implications of your mortgage.