For many homeowners that purchased or even refinanced their home about 2 to 3 years ago, thinking they cannot be a part of this refinance boom, are wrong!
Median home-sale price reaches an all-time high of $335,613!
What does this mean to you and me, those that are not selling their home? Our home has increased in value, possibly to an all-time high! With that, regardless if you refinanced 24, 36, or even 18 months ago, chances are you have more options than you ever thought possible.
So what do you do with this “found money,” or equity? Here are a few things homeowners ages 24 to 84 are doing right now:
- First, they are solidifying their financial plan. They are asking themselves, what will an infusion of cash mean to their finances? What can or will they accomplish by refinancing their home?
- How much in consumer debt do they owe? Outside of your mortgage, the average American household has over $35,000 in consumer debt. $35,000 and rising. The cycle of consumer credit cards is never-ending. Personal loans at the touch of your iPhone. Debt is increasing: what is your plan?
- End of a mortgage. The end of your mortgage for many seems too far off in the distance. However, with rates still at historical lows, this is your chance to lock in a 15-year and save $100,000+.
- 2020 taught us we cannot just be employed. Being an entrepreneur or a gig worker offers greater advantages than any job. Now is the time to look at your financial plan, your home, and say I am ready to take the next step as an entrepreneur and open that storefront. Expand your business. Your home can make that happen.
- Ignore the hyperbole of politicians. If you are waiting to have your student debt eliminated, do it yourself. Take advantage of the equity in your home and pay off the massive student loan burden that you may be sitting on.
- Retirement. Your home is the ultimate cash flow tool. No, not a reverse mortgage, but the cash in your home that can supplement your income or healthcare needs post-retirement.
- Uncertainty. Remember, markets come and go. Rates come and go. Cash has always been and will always be king. When you have access to the cheapest money in the last 50 years, take advantage of it!
These seven are that — just seven plans to use your home as a financial tool. In other words, it’s what people call a smart money homeowner. There are hundreds. You may never see a time like this again, or rates like this again. Your financial situation quite possibly 20 years down the road will be shaped by the action you take today! Let get a plan together here: https://refi.com