Got Dough, What Do You Do With It?

The past 2 years have proved that there are 2 unstoppable forces. Mike Tyson and the US housing market. JK….kind of.


This morning’s CoreLogic report showed that those who purchased a home in Q1 2020 have already accumulated 20% equity – that’s a lot of $dough$!


What Should I do About It?

If you’re Mike Tyson, you go straight to the dark web and pick out the cutest baby tiger you can find. But if you’re looking to make the best financial decision and you have more than 20% equity in your home, you’ve got some options.

  1. Consolidate some debt
    If you have any consumer debt with an interest rate of 4%+, there is the option to do a cash out refinance to pay off that debt and consolidate to a rate in the 3s. This will increase your monthly cash flow.
  2. Home improvements
    You love your new pad, but you could love it more… You can further increase the value of your home by doing a cash out refinance to invest money back into it.
  3. Get rid of mortgage insurance and drop your rate

If you are currently paying mortgage insurance because of the loan type you are in or because you did not have 20% equity when you took out your loan, you may be able to get rid of it and potentially drop your rate.


Our loan officers would love to give you some options on how to use your new found dough… give them a call at 801-501-7950.


Now To The Rates

Mortgage Backed Securities are slightly down today. However, there has not been much of an impact on our pricing. In fact, our low fee option has gotten much better. Today, on our average scenario of a 300k loan, 740 credit and 75% loan to value, we are able to pay our clients fees at closing at 2.999%. This means they come to the table with no out of pocket cash. So, if you or someone you know has a rate in the 3s, call us to see what your options are. We are locking going into the weekend.


Have an awesome weekend!

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