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Congratulations on paying off your home! That’s a fantastic milestone, and you’re already in a great position to start building wealth. Here are a few ways your home can help you grow your financial portfolio: 1. Appreciation: The average home in the U.S. appreciates in value about 4% annually, depending on your market. Over time, your home's value could grow significantly, and that equity is entirely yours. And if you have any outstanding consumer debt, you can leverage your equity with a cash-out refinance, pay off your debt in full, and potentially increase your credit score. But of course, please consult your financial professional for specific recommendations for your specific situation. 2. Passing on Wealth: Willing your home to a family member is an excellent way to pass on an appreciating asset, creating generational wealth and giving them a strong financial foundation. 3. Rental Income: If you decide to rent out your home, you can generate a steady stream of rental income while still owning the appreciating property. 4. Selling: If you choose to sell, all the proceeds from the sale (minus any taxes or fees) are yours to keep, thanks to your home being fully paid off. 5. Reallocate Your Savings: Now that you no longer have a house payment, you can reallocate that money toward other investments, such as retirement accounts, stocks, or even a second property to diversify your wealth-building strategies. Your home is a powerful asset, and it’s great that you’re thinking about how to make the most of it!

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Hi there - As a trusted lender since 2006, we know that everyone's situation is unique. We certainly wouldn't recommend buying a home if you are not in a financially responsible place do do so. We're always happy to jump on a call with potential buyers to determine if buying a home makes good financial sense for them. If you have any questions, please don't hesitate to reach out!

Hi there! The average national historical appreciation rate has been in the 4% range since the 1960s. As with any investment, there are risks, but history tells us that investing in homeownership is a safe bet. After all, we all need a place to live 🙂

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Hi @joeskis, thanks for your comment! Our renovation loans allow you to make those renovations and upgrades without the frustrations of financing. It’s an all-in-one solution that allows you to finance (or refinance) the purchase of your home, along with the costs of home improvements. The benefits include low down payment options and credit score requirements, you'll build equity immediately after repairs are completed, and reno loans offer competitive interest rates compared to other loans. We hope this helps! You can also visit www.homespiremortgage.com/renovation-loans/ for more information.

​@@HomespireMortgage why would you want to refinance if you have let's say a 2.8% rate?

@@adrianenriquez2544 Great question! If you have a large amount of consumer debt (typically interest rates of 19-21%), you could leverage the equity in your home to pay off all of that high-interest debt and lower your overall monthly payment. Of course, everyone's situation is different, so talking to a Homespire Loan Officer would be the first step in determining if it would make good financial sense for you.

Hello! We definitely understand that fear, but let us put your mind at ease. Applying for a mortgage does require us to pull your credit, but it affects your credit very little. And if you shop around and get quotes from 5 different lenders over a 45-day period, FICO would consider those five hard inquiries as just one hard inquiry for credit scoring purposes. Of course, if you have your credit pulled for multiple different lines of credit from different industries - mortgage, credit card, auto, etc), that’ll affect it more. But just getting mortgage quotes - it won’t mess up your credit. What it WILL do is allow us to get a very clear picture of your finances and build out a mortgage plan to best suit your goals.

Hi D'Juan, we're happy to give you a second opinion! Find a lender near you (www.homespiremortgage.com/loan-officer-search/) or reach out to us directly, and we'll connect you with an excellent one nearby www.homespiremortgage.com/contact/