44.9% of Homeowners Are Now Equity Rich
NEARLY HALF OF FINANCED US HOMES ARE NOW WORTH DOUBLE THEIR LOAN AMOUNT
Home price growth has left 44.9% of US homeowners in an equity-rich position, meaning their home equity is worth at least double their loan amount. This is according to the latest report from Attom Data Solutions, a real estate data provider.
WHAT DOES THIS MEAN FOR YOU?
The amount of equity you have in your home depends on your home value: Home Value MINUS Mortgage Balance = Home Equity. According to the data in the report, 44.9% of homeowners now have home equity that is double their mortgage balance.
- If you don’t own a home: don’t miss your chance to benefit. The growth in home prices is expected to continue this year and next year because housing demand is likely to remain high and housing supply is likely to remain low.
- If you do own a home: you may want to consider accessing your equity by selling your home or doing a “cash-out” refinance.
HOW DO YOU ACCESS YOUR HOME EQUITY?
There are three ways to access your home equity:
- Sell Your House: you could use the additional equity as a down payment to purchase a new house that may be more suitable for your current situation.
- Get a Home Equity Loan or Line of Credit: you could apply for a home equity loan or line of credit to borrow against the additional equity in your house.
- Refinance Your Mortgage: you could apply for a “cash-out refinance” to tap into the equity of your house and borrow against the additional equity you’ve gained.
NUMBER OF THE WEEK44.9%
THAT’S HOW MANY US HOMEOWNERS ARE NOW “EQUITY RICH”
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