Everybody you’ve heard correctly. Interest rates have gone up a little bit, but cash out refinances are still a big deal. They’re saving people a ton of money – home equity is still really high. In fact, check out this experience from one of our recent clients:
“I’m originally a Californian- I’m one of those California transplants, and I’ve been in Utah since 1993. And I’ve been there, I’ve done that- going to bed at night, wondering how you’re gonna pay your bills.
I know there’s a lot of people that go to bed every night that are working hard and wondering when it comes the first or the end of the month, how they are going to pay all their bills. And I know when we did our last refi we dropped the interest rate and we paid off higher interest loans. Eliminating those payments frees up that cash for me to live on.
Now I sleep at night. I’m at a point where I don’t worry about how I’m going to pay my bills and put food on the table.
In our case, we were able to lower our mortgage rate. You’ve got that money just as a safety net. If something comes up- your car breaks down, you have to put a new engine in- don’t sweat it. You know you have that heloc to draw on to make the repairs.”
Reach out to us to find out what a cash-out refinance could do for you!
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