Deborah Acosta
speaker
109 appearances
2 recordings
1 series
first heard May 2021
last heard Jun 2021
Deborah Acosta’s voice in public audio — every appearance, attributed to the second.
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Appearances
People who want to improve their living situation have realized that it might be more economical to fix up their current home than buy a new one.
And in order to afford that fix, in order to be able to afford to fix their own homes, they need to take money out of their homes to finance it.
Thank you so much, JR.
Let's start with what equity actually is.
Equity is the current market value of your home, which likely is higher than when you purchased it, let's say if you bought it 10 years ago.
And so it's the current market value of your home minus what you still owe on that original mortgage that you took out.
So when you pull equity out of your home, you're pulling out this value, this cash, and putting it in your pocket.
And in general, you could take out up to 80% of your home's equity.
in a cash out refi or other types of mortgage products.
Well, it's a confluence of factors.
We have a situation where home prices have skyrocketed nationwide.
So built in, you have a lot more equity in your home.
Interest rates are really low.
So it's another factor that's pushing people to wanting to refinance and to begin with because they can bring their interest rates lower by doing this.
And the third thing is that it's a seller's market where it's great.
People can sell their homes for high prices, but the inventory is extremely low.
So that's the other thing.
Because inventory is so low, people who want to sell their homes to buy another one are finding themselves in this tricky situation where they just can't find anything else that they might like or even afford.
So people who want to improve their living situation have realized that it might be more economical to fix up their current home than buy a new one.
And in order to afford that fix, in order to be able to afford to fix their own homes, they need to take money out of their homes to finance it.
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