Make Life Easy!!
With all the uncertainty surrounding us, is it the right time to take equity out of your home? Let’s face it we have enough to worry and think about during this time.
Wouldn’t it be nice to feel some relief and the joy that financial freedom can bring?
There are many reasons to take equity out of your property. ~Property values are way up!~ This allows for a bigger gap between what you owe and what your property value is.
For instance, let’s say you purchased your home 2 years ago for $700,000 and you put 20% down, reflecting a mortgage of $560,000 and now your property value is $800,000. Not only have you paid your mortgage down to approximately $535,000, but your value is also up therefore your available equity is far greater than the $140,000 that you put down.
Theoretically in this scenario you could take up to $105,000 (80% if of the market value) with a new mortgage of $640,000. You can use that $105,000 to pay off debt, invest, or renovate.
We are all staying home more, and many of us are working from home, as well. If you aren’t looking to relocate, using a refinance to do a renovation and make your home a place you are happy to isolate in.
Here is an example of how easily you could start saving now!!
~On top of that, you have interest rates that are at an all time low! ~
2 year ago rates were over 3% and now they have ducked below 2%.
If you have consumer debt credit cards, car loans, lines of credit, now is the time to take advantage of record low rates and increased property values. Why continue to incur high interest debt when you are sitting on an asset that can relieve you of financial burdens.
Let us review options for you and formulate a plan that will work with your short and long term goals! We all want to pay off our mortgages but if you are carrying any debt first step is getting that paid off so you can focus on paying down your mortgage. With interest rates this low it often even makes sense to break your mortgage term even when there is a penalty.
Reach out out to us today and let us review your options!Carie and Tammy Harmony Mortgage Group
call or txt 604-705-2999email firstname.lastname@example.org