12/18/2023
Shave years, create wealth: the untapped potential of refinancing
Refinances still make up almost one third of all mortgage transactions, even though rates have risen. You may be wondering how this can be? Many consumers have amassed a large amount of debt, paying much higher rates of interest, thanks to the Fed hiking rates so aggressively. And many of those individuals are only making the minimum payments, with no path to paying off their debt. At the same time, most homeowners have record levels of equity in their homes.
Many homeowners are benefiting from a type of refinance where we pull that equity out of the home to pay off those debts, saving money on the overall monthly payments. Additionally, there are ways to gain equity at an accelerated pace and significantly shorten the length of your mortgage, by applying those savings as an additional payment each month.
Call me today to review your current debt situation and see if I can help!
