๐Ÿ ๐Ÿ’ต SHOULD WE MOVE OR REFINANCE? ๐Ÿ’ต๐Ÿ 

Holly Noto
Holly Noto
Published on July 10, 2021

The level of equity homeowners have is at an all-time high. According to the U.S. Census, over 38% of owner-occupied homes are owned free and clear, meaning they donโ€™t have a mortgage. Those with a mortgage are seeing their equity skyrocket too. Every time real estate values increase, homeowners get a dollar-for-dollar gain in their home equity.

According to the first-quarter 2021 U.S. Home Equity Report from ATTOM Data Solutions:

โ€œ17.8 million residential properties in the United States were considered equity-rich, meaning that the combined estimated amount of loans secured by those properties was 50 percent or less of their estimated market value.

The count of equity-rich properties in the first quarter of 2021 represented 31.9 percent, or about one in three, of the 55.8 million mortgaged homes in the United States. That was up from 30.2 percent in the fourth quarter of 2020, 28.3 percent in the third quarter and 26.5 percent in the first quarter of 2020.โ€

This surge in home equity has given most homeowners the opportunity to use that equity in one of two ways:

  • Option #1 ๐Ÿ’ต REFINANCE TO CASH OUT SOME OF THE EQUITY OR LOWER THEIR CURRENT PAYMENT An abundance of equity and record-low mortgage rates can make refinancing a home very easy. Some homeowners choose to refinance so they can lower their payments. Others convert a portion of the equity to cash while keeping their monthly payment the same.
  • Option #2 ๐Ÿ  MOVE TO A HOME THAT BETTER FITS THEIR CURRENT NEEDS The past year prompted many households to redefine what a dream home really means, and itโ€™s something different to everyone. Those who have a high mortgage rate could use their equity as a down payment and perhaps buy their next home without significantly raising their mortgage payment.

โœจWhether youโ€™re refinancing your house or moving to a new home, your current mortgage rate and your level of equity are crucial in your decision-making process.

๐Ÿ‘‰Contact me to determine the potential equity in your home. You may be surprised by the opportunities you have.

www.HollyNoto.com

๐Ÿ’™ Your Local Market and Negotiation Expert ๐Ÿ’™

HOLLY NOTO | DRE # 01244498

REALTORยฎ | Coldwell Banker

650.544.6185 | [email protected]

#HollyNoto #ALocalsWisdom #PeninsulaRealtor ๐Ÿ“Œ Marketing by ยฉ 2021 #iBAMNRE

Get My List of Local TOP Homes
I can send you a list of handpicked homes for you and your family to look at.
No, thanks I'm not interested

Let's Talk Real Estate!

chat_bubble
close
Received A Postcard?
Enter Access Code!