Your Home Is NOT an ATM Machine
What is a cash-out refi?
A Cash-out refi is when your current home loan is replaced with a bigger mortgage which allows you to take advantage of the equity you’ve built up and access the difference between the 2 mortgages (your current one and the new one) in cash.
The money can go towards any purpose but it shouldn’t ever be used towards things that don’t bring you a return on your money!
One difference between today’s market and the crash of 2008 is the amount of tappable equity. In the past, people refi’d to buy cars and boat.
Today the average home owner has more than $200k of tappable equity!
Questions about mortgages or a refinance? Send me a dm or drop me a comment below!
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