The Headlines - Too scary, or is it still better to be a homeowner?

THE HEADLINES

There have been some big attention getter's this week.?Lot of negativity in the media and some for good reason, but we want to show you why being or becoming a homeowner is a great idea - even now.?Check these headlines out, then get our quick take below.

WOW - HOW DO WE DIGEST THIS???

The statements above are true.?Total American credit card debt increased by $45 billion in the second quarter.?A?rise of more than 4% and we now sit at just over $1 Trillion in credit card?balances as a nation.?The average interest rate on those balances is 22%.??Federal student loan payments are coming back, and many will struggle with it. Interest accruals resume on Sept. 1 on student loans, and payments will be due this October for the first time in over three years.?Inflation data last week was slightly better than expected, but still up...households are finding new ways to make ends meet.?And - mortgage rates have somewhat stabilized, but are much higher than consumers have been used to over the past few years.??

SO - WHY IS THIS STILL A GOOD TIME TO BE A HOMEOWNER?

2 words - Home Equity.? Those who are existing homeowners are accumulating it.?Those who aspire to be homeowners are looking forward to ending the ever-increasing costs of renting (Rent inflation is at a staggering 9% year-over-year, the highest since 1981), and to applying payments toward principle and future wealth creation.??

Home values have continued to increase, especially in certain parts of the country.?This has left millions of American homeowners with significant sums of home equity to use as they see fit.?

Overall mortgage-holder equity is now back above $16T, with some $10.5 Trillion?of that being 'tappable,' or available for the homeowner to borrow while still maintaining a relatively conservative 20% equity stake in their property after the equity is obtained.?The average mortgage holder has?$199K in tappable equity available to them according to data from Black Knight.??

WHAT CAN I DO WITH MY HOME EQUITY?

Let's just say you're a customer who owns a home, has been in that home for 4-5 years, and is experiencing some of what we read above.?Inflation.?Student loans kicking back in.?Credit Card debt that's been accumulated due to inflation or other pandemic related issues that arose.?Ends aren't meeting, and options seem limited.?Accessing Home Equity through a line of credit or cash-out consolidation could present an opportunity to reform a budget around your current income, and get you out of digging an even deeper hole.?New mortgage interest potentially?becomes tax deductible, no more high interest credit cards to worry about, and enough left over for some extra cash to put into short-term savings. Now if needs arise, credit cards don't become the answer.?

If you or anyone in your circles is?experiencing any of the pain mentioned today, please have them reach out for a free consultation at Tithe.?We will always give them the best advice available to us and assist them in making a good decision.?If you are not yet a homeowner but would like to become one - please contact us via the methods below!??

1. EMAIL - [email protected] to start a conversation about possibilities.?

2. APPLY - Go to tithelending.com and hit our GET STARTED section.??

3. TEXT - Text any of our Lending Managers mentioned at the very bottom of this email to set up a time to talk.??

HERE TO SERVE!

Our team is here to serve you! Feel free to reach out to our CEO about potential partnerships, or one of our Lending Managers to set up a conversation based on your loan questions / needs.??

1. Mark Greaves - CEO

(614) 517-7086

2. Allie Hager - Lending Manager?

(419) 571-3740

3. Steve Greaves - Lending Manager

(314) 221-8252