REFINANCING YOUR PERFECT HOME

Cash-Out Refinance: How to Use your Home Equity Wisely

One of the many perks to home ownership: building equity. According to CNBC, today’s homeowners have the highest amount of total accumulated equity in their homes ever recorded, sitting at $5.8 trillion. With home values steadily on the rise, homeowners built an average of $14,700 alone within the last year and have about $113,900 available to draw. If you’re new to home ownership or have never taken advantage of your home’s equity, here’s how to use your home equity wisely with a cash-out refinance:

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Here’s What Homeowners Do Not Understand about Their Home Equity and How to Use it

The first step was buying your first house, and you felt the benefits: your credit score continues to increase, and during tax season, you can write off 12 months of interest and keep a huge chunk of cash to yourself, not to Uncle Sam. You feel the pride of home ownership as you pull into your driveway each evening. Now, ask yourself, is there more?

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Pub Sheds: Bring Happy Hour to YOUR Backyard

Mike Sheehan, owner of Pub Shed, Inc., based out of Grand Rapids, MI, brings the idea of having a mini pub right in your backyard: “I was on vacation in Ireland, the concept of a pub in your backyard was a big trend. I really enjoyed them and decided to bring the idea back home with me,” he said. Now, customers can choose from a wide variety of styles and designs or customize your own, and you can have your very own bar steps away from your back door. Check ’em out!

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How Does Refinancing work?

steps to refinancing your home
Applyng
The first step to any mortgage process is giving us some information, such as your income, assets, debt and credit score. Some documents you will need to provide are most recent paystubs, recent w-2's and bank statements.
documentation-review
Once your application has been submitted, the underwriting process will begin. During this time we will verify your financial information and make sure everything was submitted accurately.
Home Appraisal
We will need to determine the value of your home and will order an appraisal. An appraiser will visit your home and give you an estimate on your home's value.
Closing your New Loan
When underwriting and your home appraisal are completed, you will receive your closing disclosure. At closing, the party member on the loan and title, along with a representative from the title company may be there to go over the details of the loan and for you to sign your loan documents.
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