There has been a positive change in recent months in the housing market. Homeowners are experiencing an increase in the amount of equity they have in their homes. According to a new CoreLogic report*†, there has been an increase in home equity of over 12% since last year, amounting to over $980 billion in value nationally.
There has been a 20% decrease in negative equity (when a homeowner owes more on their mortgage than their house is worth) over the last year. While negative equity has been on the decline since 2012, this recent dip has pushed the percent of underwater homeowners to less than 10%. This combined with increased property values has resulted in homeowners across the country seeing an average increase in their home equity of $16,200.
What do these numbers mean for you?
Having positive equity allows you to take advantage of the equity you already have in your home. The more equity you have, the more you can leverage. To access your equity, you can apply for a cash-out refinance.** Cash-out refinances are a great way to achieve your financial goals.
Here are just a few ways you can use the money from a cash-out refinance:
- Make home improvements
- Buy an investment property or second home
- Pay off debts like credit card balances or student loans
- Increase your savings or invest in the market***
- Send a child to college
Contact your Loan Originator to review your refinance options.
*CoreLogic Homeowner Equity Insights - Q2 2018
†Information referenced in the report includes properties with mortgages only.
**Option may not be available in all states
***Please consult your financial advisor
It has been a little over four weeks since Hurricane Florence made land fall on the Carolina coast leaving devastation behind. Although the recovery process is underway there is still a long way to go for those in effected areas. Rebuilding and addressing the housing needs of those in the devastated areas is top priority to restoring their lives back to normal.
There 203h mortgage option is specifically designed to assist victims in Presidentially designated disaster areas.
Halloween is only a few weeks away! Do you have children who still need costumes? Or maybe you just got a last-minute invite to a Halloween party? Don’t worry, we’ve got some great costumes that you can put together in a flash.
Cereal Killer – If you like word play, this costume is for you. Buy several small boxes of cereal. Cut small holes in the boxes and glue a plastic knife in each hole. Then glue the boxes onto a t-shirt. You can add fake blood to make it even more over the top.
Bubble Bath – You can make a splash with some balloons, shower cap and loofah. Blow up white or clear balloons and safety pin them to a white t-shirt. Put on the shower cap and carry the loofah.
Costume Not Found – This one is great for the tech crowd. Write the words “Error 404: Costume Not Found” on an old t-shirt. Voila! An easy and clever costume.
Back to Basics – Traditional Halloween costumes are a great option! You can cut eye holes into an old sheet to be a ghost, get a witch hat, or use heavy-duty toilet paper to create a mummy costume.
Smartie Pants – An old pair of pants and a bag of Smarties candies are all you need for this costume. Glue packages of candy all over the pants and you’re good to go! Don’t you feel smarter already?
Formal Apology – Break out the fancy clothes for this one. Wear a suit or cocktail dress and make a sign that reads, “I’m sorry.” The more extravagant the clothes, the better.
EASY Three Ingredient Pumpkin Chocolate Chip Cookies
- 1 can of pure pumpkin (small, 15 oz)
- 1 box of spice cake mix
- Chocolate Chips 1-2 cups (depending on taste)
- Preheat oven to 350.
- Mix cake mix and pumpkin together. Stir in chocolate chips. Drop cookies onto greased cookie sheet. Bake for 8-9 minutes. Let cool slightly before serving.
Yes, that's it. Easiest recipe EVER
Homestead Funding would like to welcome Emily McVay to our Lockport, NY sales team. Emily has been in the banking industry for over five years.
Over the course of her career, Emily has learned that people communicate in various ways whether by text, phone, email or in person. She prides herself on doing business the way her client feels the most comfortable. She treats every client as if they were her own family and walks them through every step of the transaction from application to closing.
Emily is very passionate about helping people not just in her profession but volunteering as well. She founded and runs an organization called “Begin Again”; an organization that creates kitchen kits for women and children in Cattaraugus and Chautauqua County escaping domestic violence. Emily is also a member of the American Association of University Women, raising thousands of dollars in scholarships for local young women looking to pursue higher education through our annual What’s New Fair.
Emily also enjoys hiking with her husband and two beagles and assisting her family on a local farm raising water buffalo, golden pheasants, angus and chickens.
Emily says she is happy to be a part of the Homestead team because of the wide variety of mortgage products they offer that allow her to meet her client’s needs.
Contact Emily with any mortgage questions. She can’t wait to meet you and share the joy of home ownership.
To Learn more about Emily visit her webpage.