A recent piece in the Scotsman Guide by Arnie Aurellano touched on the newfound surge in home equity.
According to the article, almost 18 million homes in the country were equity-rich in the first quarter of this year. That is almost a third of all mortgaged residential properties in the United States and up from only 26.5% in the first three months of 2020.
That huge increase in equity is something that can be fully taken advantage of through a refinance with Hall Financial. Along with the historically low interest rates that make a refinance a great opportunity because of the subsequent lower monthly payments, the increase in home value can equate to literal cash in your pocket.
“The really encouraging thing is that this increase in equity is seen with homes all across the country,” said David Hall, our founder and CEO. “Our refinancing experts have been able to help people all across metro Detroit, Grand Rapids, Tennessee and Florida due to the rise they’ve seen in the value of their house.”
Utilizing a cash-out refinance can maximize that current value of your property and allow you to pull cash out of your home to use on things like a home improvement (which will in turn, increase the value even more), pay down debt or take care of some other bills.
“A lot of homeowners have gained tens of thousands in equity in the last three years or so. That is a huge advantage and that equity can be used to do a lot of different things,” Hall continued. “I can almost guarantee that your house that you are currently in is worth more than ever before. With that increased value, over half of the refis that we do don’t even need a new appraisal. That really works in your favor as well.”
Working with Hall Financial, the entire process can take less than two weeks!
“If you contact us, we would be happy to walk you through all of the steps and the entire process. But essentially, we help you to pay off the existing balance on whoever has the mortgage. Then we get one new loan amount and roll in the closing costs but now at a significantly lower interest rate,” Hall said. “You will get a check for the difference and can use that cash in any way you feel is best. Making a smart decision like paying down some debt or completing a home improvement project is a great way to have the equity work for you!”
Hall Financial has helped thousands of homeowners do just that, utilizing the growing equity to create an opportunity for actual cash. It creates a scenario where your home’s value is truly working for you!
“We are so proud of the work that we do, especially when it comes to refinancing,” Hall remarked. “We are able to not only cut years off of your loan, but also help to consolidate lingering debts and in most cases eliminate the need for an appraisal. Seeing people able to use that cash for things like home improvements is awesome and a true testament to our continued drive for five-star service every single time.”