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 just a regular guy, I work an office job in a technical area. A couple of things were going on. With COVID we were dealing with a little bit of consumer debt that we weren’t too happy about. And then my wife approached me with her friend, who recently moved to Europe. She said, ‘Hey, they want us to come over and spend some time in Europe with them.’ And I thought, how are we going do that?
After the refinance, we got out out from under the consumer debt and suddenly we could afford to do the little trip. It kind of turned things around to forward looking rather than, ‘oh, how do we fix this?’. We also actually lowered our payment slightly from what we were paying before.
It’s always a big decision to refinance your home. There were a lot of question and concerns. But afterwards the relief and the we felt the change in cash flow and actually something to look forward to as a couple this next summer really turned around a lot. So it was a great boost for our spirits.”
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