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Matt for you.
For the person who may be watching and they're afraid, what advice do you have for them? And then is there anything to just You've adjusted in your home buyers blueprint to give them a little bit of confidence that it's okay to buy now over the next year.
So the more you learn, the more you earn. Right, the more you learn, the more you earn. And when I speak to people about buying real estate, they're more fearful in because they don't know nothing or they have lack of knowledge. In a couple particular areas. So whoever has fear, you got to really do a deep dive in yourself and say, why am I scared to buy property? Why am I scared to invest? And kind of work
your way back from there. But I find it the more you're putting into your education about home buying, about credit, about if you want to do rehabs, if you want to do new construction, whatever it is, the more knowledge you have, the easier it's going to be for you. It's not going to be a better Roses or something like that, right, but they'll be a little bit more easier for you. But also managing your expectations and try to take your emotions out of this. I think Rashad
had a famous quote. He told me want is no emotions in anything basically, right, I'm paraphrasing he says something different. I can't remember word for word, but basically, you got to take your emotions out of the real estate game or anything investing.
Right.
You got to look at you got to look at even if you're buy your first home, looking at this as an investment for you in the future, and buying the property as if you're an investor, and making sure you buy and right, So as long as you do that, then you shouldn't have fair.
So Mo and then Matt, you can chime in it on this if you can well home refinancing, right, can you just let's give an overview of refinancing. And for the person that might be thinking about refinancing, they might have heard it on television, but they kind of a little nervous. What advice could we give somebody that's out there that might have a home and is considering taking the refinance route.
I've actually been having a lot of people want to refinance because of that record equity, even before the rates started going down a little bit. I think it really takes you to analyze what's good for you. If you have a two point seventy five rate, we got to figure out why do you want to refinance? Like if Matt said, its owner occupied and what have you? In the rate is just over six percent, you're going to take your current balance up a notch to the current rate.
So what does that actually look like? What are your reasons for refinancing, what will you benefit from and does it financially make sense? I think that's probably the biggest assessment we're making. We're doing assessments for people to see what makes sense. Does it make sense to take the equity out with the heat locker, Does it really make sense to do that? Refine and making sure that they don't make a decision that isn't good for that long game.
So the home equity lot of credit for people that aren't familiar, that is okay. So you buy a home and it's worth you buy a home for three hundred thousand, right, and then five years at home is worth six hundred thousand, So you effectively have three hundred thousand dollars of profit inside the home baked in, right, But you can't do
anything with that unless you tap into it. So if you refinance it, right, you effectively get a new mortgage in a sense you're at it either a higher or a lower interest rate, depending on where the interest rates are.
But you can take out that three hundred thousand dollars and use it for whatever you want, right and then, But if you get a he lock then that's just a line of credit where if you need to take fifty thousand, you could you have three hundred thousand dollars available or like two fifty because I don't think they give you one hundred percent, right, and you can use up to like, let's say, two hundred and fifty thousand dollars,
as you choose. But if you don't need to use it, or if you don't need to use the whole thing, then it's like a lot of credit that you can use at any point in time, right, correct? But does your interest rate change with the he lock?
Also not the rate on the mortgage you already have. So that's why I said it's more of an analysis, because if I'll give you an example, my interest rate on my mortgage is three percent. Did take out a helock right after I did my refinance for two hundred thousand because I wanted to have my equity on tap when I needed it, So it's sitting there. I haven't used that helock yet, but I can use it as I need. But I'm going to keep that three percent
interest rate. If rates or when rates renormalize, it might make sense if I use that money to add them together and refinance for me personally, But because of where my balance is at, it doesn't make sense for me to refinance at a higher rate right now because I don't have anything to pay off as far as debts and things like that. Sometimes if you're refinancing and you're going to consolidate long term smart debts, maybe increasing your
rate works. But we analyze that to make sure we're not just refinancing for a sport, is what I like to call it, Like what are we doing this for? You know, So tapping that equity if that's what you want to do to do home improvements, looking at it both ways is probably smart from a mathematical standpoint. I've looked at some people and I could end up increasing their payments by thirteen hundred a month just to get them fifteen to twenty thousand dollars. That wouldn't be a
smart refinance. So I give them alternative options to maybe accomplish what they want to accomplish.
Yeah, So I'll add on to the helock conversation is anytime you're doing the home akulina credit, understand it's a second lean and you have to be very careful with you know helocks in general, right, member, this is the church's money, this is your house money. So if you're taking out money and you're going to use it, make sure you have a plan either investment into a business, more real estate, stocks, options, whatever, but understand the risk
that comes with any type of investment. If you're using a helock, it's not guaranteed, especially if you're doing real estate. Tennis are not guaranteed to pay you. But I love helocks and the amount of equity tappable equity that's out there right now is absolutely I mean, it's insane. It's record breaking right now. So I would advise anybody right now just look into, like Mo said, tap into the equity.
Even if you don't use it right now, you can have it sit on the sideline because right now you can't go to your mailbox and put your ATM card and get equity out of your home. You have to apply for it, and the banks have to be willing to do on it. Right they have to have an appetite for helocks. Right now, in the current market that we're in, banks lenders have an appetite for helocks. So everyone who has home and has equity and you can qualify for a helock, you should look into taking out
a helock. Just proceedable caution, make sure you know exactly what you're doing, because if the market does go the wrong direction, if the banks start seeing there is a recession, they might start cutting back on some of these products. This happens all the time in the industry with godlines changed. So just because something a product is available today at scale, it might not be available when you really need it.
So the best thing you could do is tap into that equity so you can reinvest and make more money. In my opinion, but everybody.
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