This is a YouTube video titled "‼️ Homeowners Gaining Record Amounts of Equity ‼️" containing a financial commentary by Derek McGowan from July 21, 2021. Derek discusses household net worth increases, trends in home repair and remodeling, rising credit card debt, and the financial strategy of cash-out refinancing to reduce interest rates on debt.
Household net worth is up $5 trillion in the first quarter of 2021 alone, or at 3.8%. Many families are working from home, so they're putting more emphasis on home repair home remodeling projects. But stimulus unemployment money is ending soon, so many are turning towards credit card debt. Credit card consumer Debt is up $31 billion in the first quarter and creditors are just opening up the guidelines more and more to take on more. But that's at 15% while mortgage is 3. So many people are finding safety in a cash out refinance where they can get rid of that 15% interest and pay 3% interest because they g that could be in the home to allow for that.
