How much equity has your home built up? You can leverage that using a cash-out refi. This is tax free "income". You can use your equity to buy another investment property. This is one of the ways people buy homes without cash out of pocket. They use equity in one home to buy another.
2. Lose Your PMI and/or Lose Years of Payments
Consider a Refi and lower your payment and/or convert to 15yr loan from 30 yr loan with an even lower rate. Not only will you save money on a lower interest rate, but you may be able to drop your PMI payment. Your PMI (Private Mortgage Insurance) is a monthly insurance fee on every loan that has less than 20% down payment. But if your home has increased in value enough, while you have been paying down your mortgage, then you may be below the 20% equity requirement. If so, on the new refi you can lose your extra PMI monthly fee.
3. Market Demand Is HIGH
Home Values have increased and it is a good idea to know what your most important investment is worth. Keep tabs on what your tax rate is too to make sure you are not being valued too high and paying too much in property taxes. Consider selling while prices are high. There good be a sizable chunk of equity in your home.
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Author:Edie Webber Phone: 817-798-6630 Dated: March 13th 2020 Views: 894 About Edie: My current state of happiness and realized dreams is the hard won result of a lifetime journey. I ha...