This is a YouTube video titled "Increase Your Net Worth with a Mortgage! 💸 #mortgagematters #firsttimehomebuyer #homeloans" containing a monologue or presentation discussing the financial benefits of obtaining a mortgage, including statistics on home equity and net worth among mortgage holders. The content was created in May 2024 and focuses on personal finance and home buying.
Getting a mortgage could significantly increase your net worth. Let me explain. So across the country right now there's a record high of $16.9 trillion worth of equity. Amongst homeowners that have a mortgage, there's $11 trillion, also a record high of tappable equity. Usually when you do a cash out refinance, you have to leave at least 20% equity in your house so you can't tap into the whole entire thing. Amongst the 84 million Americans that have a mortgage, this averages out to about $130,000 a person. So these people weren't able to buy the house in cash, maybe opted to get financing instead and they still are significantly increasing their net average $130,000 that they could pull out of their house right now today. That would be a big cushion for most every American. And you've probably seen the stat that those with a mortgage, their net worth on average is 40 times those without a mortgage. So getting a mortgage could increase your net worth.
