A strong seller’s market has home equity hitting new highs. Interest rates remain low and buyers are not the only ones hoping to take advantage. These facts have homeowners wondering if now might be the right time for them to refinance their mortgage and pull out cash.

According to CoreLogic, a provider of consumer, financial and property data, the average home value increased by 6.6 percent in the second quarter of 2020; while median home prices are up 10.8 percent over last year. So, if you have not refinanced in recent years, the equity you’ve built up could give you the cash you need.

Homeowners may consider a cash-out refinance for a home renovation, to consolidate debt, to purchase an expensive item, etc. The cash obtained can be used for almost anything.

Seems easy, right? Before you jump to refinance, you’ll want to weigh the pros and cons. Enter this RealtyBizNews.com article on this very topic. The author of the post does a great job of explaining how a cash-out refinance works and what to watch out for.

If this is something you’ve been considering, you’ll want to read this article and talk to your lender to make sure you know all your options and have all the facts before moving forward.

Photo credit: Interest Rate by Nick Youngson CC BY-SA 3.0 Alpha Stock Images.