In today’s housing market if you own your home, you’re sitting on a potential gold mine. *Home values have skyrocketed 20% compared to last year. What does that mean for you? It means, you should be thinking about securing a cash-out refinance while the getting is good.
With a cash-out refinance, you can…
Using the example above, after putting away $20k in savings for his emergency fund, Bill takes the remaining $30,000 and invests it in an index fund. From his monthly savings, he contributes $500 each month. Assuming a 10% rate of return, in 30 years, his investment could be worth $1.7 Million***
If you’re in need of some extra cash, reach out today and we’ll help you uncover the riches of homeownership by getting you started with your cash-out refinance. Or, if you’re ready to apply, click the button below!
*Statistics from CoreLogic’s 2022 U.S. Home Price Insights
**Cash-out refinance example based on a 4.5% interest rate. Interest rate, program terms, and conditions are subject to change based on borrower eligibility and market conditions. Certain restrictions and conditions will apply and not all applicants will qualify. Mortgage to be refinanced must be insured. Even though a lower interest rate can have a profound effect on monthly payments and potentially save you thousands of dollars per year, the results of such refinancing may result in higher total finance charges over the life of the loan.
***10% rate of return is based on investments made to the S&P 500 Index according to Nerdwallet.com. Calculations made using an investment calculator from Smartasset.com. Past performance of investment model is not indicative of future results.