{"id":4363,"date":"2021-12-10T22:42:54","date_gmt":"2021-12-10T22:42:54","guid":{"rendered":"https:\/\/griffinfunding.com\/?p=4363"},"modified":"2024-02-02T19:54:47","modified_gmt":"2024-02-02T19:54:47","slug":"considering-a-cash-out","status":"publish","type":"post","link":"https:\/\/griffinfunding.com\/blog\/mortgage\/considering-a-cash-out\/","title":{"rendered":"Considering a Cash-Out? Now is a Great Time as Equity Skyrockets!"},"content":{"rendered":"

Record home price appreciation in the last few years has pushed tappable home equity to new heights!<\/span><\/p>\n

According to a\u00a0report<\/span>\u00a0<\/span>published by data vendor\u00a0Black Knight\u00a0this week, the third quarter of 2021 saw a nearly $250 billion dollar increase in tappable equity\u2014a record. With record high tappable home equity, now is a great time to consider a cash out refinance to fund those projects or repairs around the house, start an addition, consolidate high interest debts, or whatever you need the extra cash for.\u00a0<\/span><\/p>\n

The report from Black Knight also sheds light on the fact that the aggregate total of $9.4 trillion is up an astonishing\u00a0 <\/span>32% from the same time last year and nearly 90% higher than the pre-great recession peak in \u201906.<\/span><\/p>\n

That works out to roughly $178,000 available to the average homeowner in tappable equity!<\/strong><\/span><\/p>\n

Did you know you can use a cash-out refinance as a way to put a down payment on an investment property? With Griffin Funding\u2019s DSCR no income investment property loan, you don\u2019t have to show your personal income or tax returns.\u00a0 <\/span>Qualify simply off the rental income of the investment property.<\/span><\/p>\n

\"\"<\/p>\n

Overall, mortgage holders withdrew more than $70 billion in equity in the third quarter, equivalent to just 0.8% of available equity entering the quarter, the report said. Year-over-year, more than a million cash-out refis were originated.\u00a0 <\/span>It\u2019s also notable the the share of cash-out refinances is poised to rise further if mortgage rates continue to trend upward in the next few quarters. <\/span><\/p>\n

Some cities with the highest concentration of tappable equity in the nation are Los Angeles, San Francisco, San Jose and Seattle.\u00a0 <\/span>Additionally, the report by Black Knight said that the monthly principle and interest payment to purchase an average-priced home with 20% down increased by close to 25% since the start of 2021.<\/span><\/p>\n

The shortage of housing inventory continues to put pressure on home prices, and they will likely continue to rise in the foreseeable future.\u00a0 <\/span>Even if home prices hold steady, a rise in 30-year rates to 3.5% will result in the tightest affordability since 2009.<\/span><\/p>\n

Download the Griffin Gold app today!<\/h3>

Take charge of your financial wellness and achieve your homeownership goals

\r\nUse invitation code: GRIFGOLD<\/b> to register.<\/p>

<\/a><\/a><\/div><\/div>\n

Here are just a few ways to utilize a cash-out refinance:<\/span><\/p>\n\n\n\n
\n\n\n\n
\n

1.\u00a0Build emergency savings\u00a0<\/b><\/span><\/p>\n

Having emergency funds can turn a potential disaster into an inconvenience. Emergency examples include an unexpected job loss, car repairs, medical emergencies, or home repairs. Many experts recommend having at least three to six months of living expenses in an emergency fund. Having this amount avoids the stress of scrambling for funds or borrowing money.\u00a0<\/span><\/p>\n

2.\u00a0Pay off high-interest debt<\/b><\/span><\/p>\n

With a\u00a0cashout\u00a0refinance, you can get funds to pay off your high interest debts.\u00a0 Target the debts with the highest interest rate.\u00a0 The more equity you have, the more\u00a0cashout\u00a0you can\u00a0use.\u00a0 The earlier you pay off debt, the less interest paid over the long run. See how inexpensive it could be to take cash out below.\u00a0<\/span><\/p>\n

3.\u00a0Increase retirement contributions<\/b><\/span><\/p>\n

The longer retirement funds are in the market, the more they will compound and grow. So the sooner and more you contribute, the better. By using the equity in your home to take cash out at a low interest rate, you can then invest that money in faster, higher returning investments.\u00a0\u00a0<\/span><\/p>\n

4.\u00a0Invest in education<\/b><\/span><\/p>\n

Getting additional training, education, and professional licenses could make you a strong candidate for getting that next big promotion or raise. You can also\u00a0use\u00a0the cash to save or pay for your children’s education.\u00a0 Education isn’t inexpensive, but it’s highly valuable.\u00a0<\/span><\/p>\n

5.\u00a0Home improvements<\/b><\/span><\/p>\n

Strategic renovations and upgrades can increase the value of a home. Maybe you have been waiting to start that kitchen remodel or adding on an addition- now is a great time to\u00a0use\u00a0the equity you have while rates are still low.\u00a0 Start those much needed renovations or repairs today.\u00a0<\/span><\/p>\n

6. Buy an investment property<\/b><\/span><\/p>\n

You could\u00a0use\u00a0cash from refinancing your primary residence\u00a0to buy more real estate<\/span><\/a>, such as a rental or investment property.\u00a0 As an asset class, real estate can build wealth quickly because you can leverage your purchase.\u00a0 This is a great way to expand your real estate portfolio.\u00a0 In many cases, homeowners take a cash-out loan on their home and buy a rental property with cash.\u00a0 When they want to invest again, they do a cash-out refinance on their existing investment property to buy another one. The result is a robust collection of rentals that produce ongoing income and tend to hold their value historically.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

If you haven\u2019t already considered a cash-out refinance, now is a great time while rates are historically still very low.\u00a0 <\/span><\/span><\/p>\n

Griffin Funding is licensed in: <\/span>Arizona<\/a><\/span>,\u00a0California<\/span><\/a>,\u00a0Colorado<\/span><\/a>,\u00a0Florida<\/span><\/a>,\u00a0Georgia<\/span><\/a>,\u00a0Hawaii<\/span><\/a>,\u00a0Idaho<\/span><\/a>,\u00a0Maryland<\/span><\/a>,\u00a0Michigan<\/span><\/a>,\u00a0Montana<\/span><\/a>,\u00a0Tennessee<\/span><\/a>,\u00a0Texas<\/span><\/a>,\u00a0Virginia<\/span><\/a>, and\u00a0Washington<\/span><\/a>!\u00a0 Specializing in VA and Non-QM loans, we have access to wholesale rates and offer to beat or match any rate on the market!<\/span><\/p>\n

Want to learn more?\u00a0Contact us online<\/span><\/a>\u00a0or call us at (855) 394-8288 to receive your no-obligation consultation.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Record home price appreciation in the last few years has pushed tappable home equity to new heights! According to a\u00a0report\u00a0published by data vendor\u00a0Black Knight\u00a0this week, the third quarter of 2021 saw a nearly $250 billion dollar increase in tappable equity\u2014a record. With record high tappable home equity, now is a great time to consider a…<\/a><\/p>\n","protected":false},"author":2,"featured_media":4365,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[100],"tags":[],"class_list":["post-4363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage"],"acf":[],"yoast_head":"\nConsidering a Cash-Out? 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