Great Time for a CASH OUT REFI…
Many people don’t realize how much their home values have increased in South Carolina. Specifically in the Upstate areas of Greenville, Spartanburg, Anderson, and Clemson home values are UP over 10% the past year (some areas over 15%) as per Zillow. Some Upstate SC areas are up 20%-40% the last 5 years. Home listing shortages and area population increases are the main driver of this increase. Obviously, this has a major effect on people looking to buy homes, but how does this affect the everyday homeowner in the Upstate who already bought a home in the past few years? EQUITY. New equity value in your home is the answer, which makes it a great time for a CASH OUT REFI.
So, if you bought a home in 2018 and you only put 5% down and you have mortgage insurance payments, what could this mean for you? If you have a $300,000. purchased home that you put 5% down and financed $285,000., that means your home could easily appraise today at $350,000 (more in some high demand areas) and it would be possible to do a REFI and DROP your Mortgage Insurance payments and maybe even get some CASH OUT.
Would a REFI to drop Mortgage Insurance or a CASH OUT REFI to do home improvements or to pay off higher rate bills be beneficial for you? Many people would benefit from such a refinance. Now is a GREAT time to look into a REFI if you feel your home value has gone up. If you think this is worth researching, contact a MORTGAGE EXPERT. It may save you THOUSANDS of DOLLARS!
-Gary Schoenholz, www.GaryTheMortgageExpert.com
24 years experience, 1500+ mortgages closed, Low mortgage rates
Ready to see what you qualify for? APPLY NOW!
Gary Schoenholz NMLS# 107429
RateSaver Mortgage branch
Licensed in South Carolina
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