In 2021, banks paid out a massive $275 billion in cash to homeowners opting for a cash-out refinance program. Fourth quarter of 2021 marked the largest quarterly volume in 15 years, as more than 1 million homeowners chose a cash-out refinance. Specifically, they are blaming a duo of inflation and low rates that encourages homeowners to cash out at super low rates.
Until now, refinancing was less about getting needed cash and more about lowering rates or payments. Inflation is now at a 40 year high and mortgage rates are at historical lows, encouraging homeowners to cash out thousands of dollars in equity in this uncertain time; all while keeping their payments and rates low.
When homeowners visit Lendgo to see if they qualify, many are shocked that they can get hundreds of thousands in cash with no hidden fees, points or costs at super low rates. You can find out how much cash you qualify for and see if you can lower your monthly payment as well. In many cases, homeowners are cutting payments by up to $500 a month.
How Does Cash Out Refinance Work?
Homeowners today have much more equity in their homes than they did in the past, many are shocked their home value has increased by 35-45% alllowing them to cash out hundreds of thousands of dollars. An easy refinance process will pay you a lump sum cash amount at closing with little fuss. With current mortgage rates being so low, homeowners can often times lower their payment or keep it unchanged while getting thousands of cash out from their home.
Want To See How Much You Can Get? Here’s How
Step 1: Select Your Current Mortgage Balance
Step 2: Go onto Lendgo and find out how much your home is actually worth. Many homeowners are shocked to see how much money they qualify for...