Despite the financial challenges of this past year, values are currently soaring in California. According to the California Association of Reator’s most recent report, the state has been, “recording solid sales and a fifth record-high median price in December 2020, [which] speaks volumes in terms of the housing markets’ resiliency.” This encouraging information has created a fantastic opportunity for an individual who meets these standards to refinance their home.
Why should I refinance?
Have you been thinking about a possible remodel of your home? Or perhaps need some money to stimulate a new business venture? Take up to 80% loan to value out of your home while improving your terms with a refinance during this exceptional opportunity. During these circumstances, appraisals are now being potentially waved on rate/term refinance with conventional financing. This is especially fortunate for those who meet the qualifications of credit scores of 680 FICO or higher, W2 income, and 20% equity in their home or investment property.
How did this option become available?
This upward home value trend has been noted and explained by C.A.R. vice president and chief economist Jordan Levine who stated, “The imbalance between supply and demand continues to fuel home price gains as would-be home sellers remain reluctant to list their homes during the pandemic, contributing to a more-than-40-percent year-over-year decline in active listings for the seventh straight month.”
If you meet these qualifications, please contact us at Adequate Mortgage Services to review your options and take advantage of this hassle-free refinance opportunity!