Interestingly enough, I struggled writing this article.  Several days ago, I sat at my computer with a generous amount of enthusiasm to write what I thought would be a sensational review on the upcoming opportunity homeowners will have to capture the equity in their homes.  With home values rapidly rising and interest rates remaining extremely low, the recipe is perfect to promote this product.

Off I went pounding away on my keyboard, reviewing the current market conditions and taking notes of the pros and cons of a cash-out refinance.  I think I got as far as the third paragraph when the words started to look like toxic waste on my computer screen.

I stopped typing, rested my chin in my hand, and re-read what I had written.  Then I privately said to myself, “What in the world are you writing?  Who are you? You survived the Great Recession promoting conservative financial values!”

Delete…Delete…Delete!

Take II:  It has been 9.5 years since the Great Recession began, and we all need to think very carefully about the financial decisions we make moving forward.   Soon you will begin to see a lot of advertisements for Equity Loans.  Yes, your home likely has a good bit of equity.  NO, these are NOT good excuses for you to use your home as a piggy bank.  Truth be told, for the majority of our customers, I can only come up with two reasonable situations for a cash-out refinance:  repairs & home improvements.

When the advertisements begin to tempt and inspire you to tap into your home equity, please give us a call.  While I cannot promise we will tell you what you want to hear, I can assure you it will be sound financial advice.