Attention homeowners: Did you know this could be a great time to refinance? Don’t miss this opportunity to improve your rate or term, or even put your home equity to work for you!
Refinancing surges as homeowners pull out the most cash in 12 years
“Most of the refinancing in the third quarter of this year was done by borrowers looking to improve their rate or the term on their current mortgage. But a growing number of borrowers are taking money out of their homes.
Cash-out refinances were up 24% since the last quarter of 2018 and made up 52% of all refinances. Homeowners withdrew a collective $36 billion in home equity, the highest amount in nearly 12 years.”