David wanted to take the time to share with West Michigan viewers how Hall Financial can aid those looking to refinance and quickly tap into their home’s equity.
Why refinance? As David explained live on-air, the historically low-interest rates that we have seen over the last year and a half still stay in a very advantageous position for homeowners.
“Some may think they have missed out because of the rates coming back up a little bit. But right now, we are still within three-eighths of the generational lows we saw earlier this year,” David explained. “So, if you didn’t refinance yet, you absolutely should look into it. If you haven’t refinanced in the past 12 months, you should look at what opportunities you may have!”
While people associate refinancing with only bringing the annual payment down, it can also lead to a great opportunity to put cash back in your pocket!
“A really important thing to consider is that in 2020 the average American homeowner saw their home earn $20,000 or more in equity,” David said. “That can be a great rainy-day fund. But it can also be a way to pay bills off or make some updates to your home.”
Tapping into your home’s equity is an ideal way to make the value of your home truly work for you. Furthermore, it creates a scenario where obtaining that cash from the home comes at virtually no cost to the homeowner due to the very low rates.
“We’re seeing that as folks take cash out of their home, their payment isn’t going up because of these low-interest rates,” David remarked. “It makes the decision somewhat of a no-brainer!”
Now, to go through the refi process, many may ask what the cost are? What fees are necessary to refinance, such as an appraisal?
“A very interesting thing we’ve found is that two-thirds of the people that call us to refinance do not even require an appraisal,” David said. “When you call us and talk about your financial situation, we often find that you don’t even need an appraisal! I know this can be a sticking point for some and considered a headache to have someone come in and evaluate your home, so we definitely want to let more people know about this! At the same time, if you do need an appraisal, it is still a great time to take advantage of these historic interest rates that we may never see again.”
When people contact Hall Financial for a refi, they are treated with our five-star service every single step of the way. As thousands of homeowners from across metro Detroit, Grand Rapids, Nashville and more have discovered, working with Hall Financial is not only a pleasant experience but also something that is efficient and easy.
“The national average for this process is 48 days,” David explained. “The majority of our loans are closing in 12 business days! That is 400% faster than the national average. We overstaff our operations with highly passionate people by design in order to accomplish that.”