By Jeffrey M. Ruben | WSFS Bank
Over the past 18 months, home values throughout the Greater Philadelphia and Delaware region—and the country—have increased drastically.
Fueled by still-low interest rates and the desire for living arrangements with more space has led to homeowners and first-time homebuyers alike searching at a feverish pace to acquire the house of their dreams.
As a result of these forces, prices for homes have skyrocketed, and while appraised values may not reach potential selling price levels, homeowners looking to stay put have a unique opportunity to maximize their investment.
Here are some options for homeowners to cash in on their home’s rising value.
Cash Out Refinance
If you want to take advantage of the equity you’ve built in your home and lower interest rates, a cash-out refinance is a great option. A cash-out refinance replaces your current mortgage with a larger one—at the lower interest rate—and gives you access to the cash that makes up the difference between the two mortgages.