Cheap money to access from home equity

Shaniqua Juliano

Mortgage adviser: Liz Bayer, ProMortgage. © Hearst Newspapers Liz Bayer Property type: Single-family home in Berkeley. Appraised value: $1.215 million. Loan amount: $449,000. Loan type: 30-year fixed. Video: Retiring with $2 million: How much money you’ll have in your monthly budget (CNBC) Retiring with $2 million: How much money you’ll […]

Mortgage adviser: Liz Bayer, ProMortgage.



a man wearing a suit and tie smiling at the camera: Liz Bayer


© Hearst Newspapers

Liz Bayer


Property type: Single-family home in Berkeley.

Appraised value: $1.215 million.

Loan amount: $449,000.

Loan type: 30-year fixed.

Video: Retiring with $2 million: How much money you’ll have in your monthly budget (CNBC)

Retiring with $2 million: How much money you’ll have in your monthly budget

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Rate: 2.625%.

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APR: 2.841%.

Backstory: I have a number of clients taking advantage of historically low rates and historically high home equity to get a cash out refinance. Past clients of mine had decided that they plan to live out their days in their home but wanted to tap into their equity to make home improvements to provide features that will benefit them as they age.

What was great is that even though they had a good rate from a previous transaction, it made all the sense in the world for them to refinance rather their mortgage taking out more than $100,000 with a new rate — which was lower than the one they had, even though this was a cashout refinance.

Although they did have a lot of equity in their home, conventional lending did not allow for an appraisal waiver as guidelines do not allow for a waiver if the transaction is cash out. In spite of this, we were able to get their loan done in 23 days. This is a perfect time to tap into home equity for long term needs.

Liz Bayer, ProMortgage, 415-383-3111, [email protected]

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