If you own a home in Oahu, chances are you are sitting on a fair amount of equity. That is because the July median sales price of a house in the area was $835,000, according to Hawaii News Now.
In addition to this record high in sales price, the number of homes sold in July was higher than it was a year prior.
This could mean that if you owe less on your mortgage than what your home is valued at, then you could pull equity out of your house in the form of a refinance. A recent report indicated that nationally, homeowners have built up a record amount of equity, to the tune of nearly $16 trillion, according to Forbes.
Combine these things and you have a strong local and national economy, with homeowners across Oahu with the potential to have their investment pay them back.
A refinance can help boost your monthly cash flow by hitting the reset button on the terms of your mortgage. If you refinance, you have the ability to consolidate debt such as credit cards, student loan debt or other debts. In addition, you can refinance to pull cash out in the form of equity. These funds can be used for anything from retirement, vacation to home improvements.
And there is good news on the mortgage rates* front, as they fell below 4 percent in May and Freddie Mac predicts they could hover around 4 percent into 2020.
If you are ready to take advantage of the home equity you have built up as a homeowner in Oahu, contact us today. We will take the time to get to know your unique financial picture and help you to try to reach your goals.
*©2019 American Pacific Mortgage Corporation. All information contained herein is for informational purposes only and, while every effort has been made to ensure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions apply.