The best ways to get cash out of your house during COVID-19
Unfortunately a lot of people are currently in a position where they need to pull some cash out of their property to get them by and through this crisis. Things are tough right now! What’s the best way to get that equity out? Let’s discuss the three options you have…
LINE OF CREDIT
- Pros – You only pay for the money you use on your line; Current rate is much lower than a credit card interest rate
- Cons – You must typically have employment to qualify; Your credit needs to be in good standing
REFINANCE YOUR HOUSE
- Pros – You will get a low, fixed interest rate; You get all the cash at once
- Cons – You must typically have employment to qualify; Your credit needs to be in good standing
SELL YOUR PROPERTY
- Pros – Most homes do have equity right now and the money is all yours with no interest; Rental inventory is on the rise
- Cons – You have to move out of your house!
The market is changing every day so if that is something you are considering make sure you reach out to us for help sooner rather than later. We can walk you through the process and give you the information you need to make a smart and informed decision.
