32% of all mortgages as of April 17th are cash out refinances! Wait what? Why would someone give up

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32% of all mortgages as of April 17th are cash out refinances! Wait what? Why would someone give up their 2%, 3%, or 4% interest rate to take a 7% rate? Well consumer debt is at an all time high so many Americans choose to use the equity in their homes to consolidate their debt. So let's break it down. With a $300,000 mortgage at a 3% rate on a 30 year mortgage, your principal and interest payment is $1265 per month. If you have $100,000 in car loans and credit card debt, that is costing you approximately $2300 per month. You could choose to trade in that $300,000 mortgage at a 3% rate and do a $100,000 cash out refinance which would put you in a $400,000 mortgage at 7%. Yes, your mortgage payment will increase by $1396 but you could eliminate the $2300 / month in auto and credit card debt. Your NET monthly savings would be about $900-$1000 per month. You are now debt free except the house and you have an extra $1000 per month that you can use to invest with! Are you following? PS - There is a hack where you get a 2nd loan behind mortgage so you can get equity out without affecting your 3% mortgage! - #texasloanofficer #texashousingmarket #dfwhousingmarket #crosscountrymortgageloanofficer #crosscountrymortgage #texasrealtors #refinancing #texasrefinance #homerefinance
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