MORTGAGE CORNER
Have you considered using some of the equity in your home and paying off debt like credit cards or car loans? How about using it to pay for college, or to do some improvements?
When you take "cash out" to use for something else, this is called a 'cash out refinance', and now is a great time to consider one!
Here are 3 reasons that cash out refinance rates just got better...
1. Home prices are soaring
With the homes around you selling for more money in a housing market that is starved for inventory, your home's value is increasing and giving you more equity. More equity means you can either get more cash out, or you may get a better rate for borrowing much less than your home is now worth.
2. Recent rate adjustment improvements
Cash out refinances got more expensive last year for most borrowers when additional fees were added by the Federal Housing Finance Agency to cash out transactions. Those fees have recently been removed, meaning you will pay less in fees or see a better rate when taking cash out!
3. Rates have hit the lowest levels in months
Rates have dipped, but won't stay this low for long.
I'm available anytime if you want to talk about your situation and what I can do to help you.
Call, text, email... just reach out anytime it is convenient for you, and let's discuss how I can help.
