Thanks to soaring home prices, Americans are house-rich. Here are the best ways to access that cash
"Even those who received pretty low rates are finding themselves refinancing at lower rates today," Boneparth said."Most people have good enough credit, but the best rates go to those with 740 or above," said Greg McBride, chief financial analyst at Bankrate.com.For starters, most lenders will require that you keep at least 20% equity in your home, if not more, as a cushion in case home prices fall.
As a rule of thumb, "if you can reduce your rate by half to three-quarters of a percentage point, it's worth looking at," McBride said. "That's usually the tipping point." Then, "you can earn back your costs in a year and a half," he said, and "refinancing becomes very compelling." And finally, refinancing opportunities could be short-lived. Mortgage rates won't stay low forever, particularly as"That should add some urgency to getting a refinancing done sooner than later," McBride said. "The economy is heating up — those are the conditions that produce higher mortgage rates."
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