Equity in our Homes Can Save Ys! #homebuyer #homeloans #firsttimehomebuyer #interestrates #fhaloan

Equity in our houses may be just the thing that saves us from this looming debt that Americans have been piling up the last couple of years. The average credit card interest rate went from 14 to 20%, and that's one of a few factors of why the average credit card balance is up 20% in just the last two years. Heck, even the average car payment used to be $400 a month back in 2020, it's doubled to $800 a month today. So Americans are piling on more and more debt, but they have equity in their houses. And, for example, a car interest rate's about the same as the 5 to 6% rate in mortgages today. But if somebody refinances the $800 car payment into the same 5 or 6% rate on a mortgage and stretches it over 30 years, it takes the $800 payment down to $300 a month. That's one of many ways you can save with the equity in your home.