Negative equity occurs when the value is less than the mortgage owed. According to CoreLogic, 91% of all mortgaged properties have equity and only 4.4 million properties remain in negative equity at the end of the second quarter in 2015.
Since home values have been rising, imagine if you had bought some rental properties that mostly pay for themselves. You could be growing long-term wealth that will help you significantly in your "relaxing" years! This is a strategy that I have implemented for a long time . . . and my "senior years" are fast approaching, though I don't seem to "relax" or even "slow down!" On the contrary, I follow my mission of helping people grow their personal wealth through single family home ownership.
A homeowner, who qualifies, can release part of their equity by refinancing the existing loan and taking out additional cash or by getting a home equity loan. The benefits include:
- To get a lower rate on your current mortgage
- To finance capital improvements on your home
- To payoff higher interest rate debt such as credit cards or student loans
- To purchase items that would not have deductible interest like personal cars, boats, etc.
Why wait? Get started today! Call Sam . . . get vested! 832-200-5656
For over 40 years, I've been helping people just like you achieve their real estate goals. Buying or Selling, Call Sam and Get Moving! TheSamTeam.com 832-200-5656 #remaxtoprocks