Today, direct-to-consumer mortgage lender Strong Home Mortgage LLC is reporting growing demand to its national 1-800-CASHOUT hotline and 1800payment website domain. “What we are hearing and seeing right now paints a clear picture,” the president says Mike Peoples. “The significant home equity combined with a growing need for cash makes any conversion between the two highly desirable.” The hotline and website have been generating national interest for June 6.
The $207,000 median usable equity¹ is good news for US households and signals an accelerating trend line. In March 2022the number was $185,000 (Market watch)2 i.e. 21% more than the $153,000 announcement August 2021 (Mortgage reports).3
These reports are beginning to offset what has been a tough last week for US consumers. On Friday, inflation hit a 40-year high of 8.6% (Bloomberg).4 On Saturday, average gasoline prices reached $5.00 for the first time (Time).5 The Fed has now raised interest rates three times since March. Jamie DimonJPMorgan Chase CEO predicted ‘economic hurricane’ (CNBC)6 which now seems prescient.
But converting home equity into cash flow isn’t just about battling economic stressors. This also fuels the popularity of HELOCs.seven “Homeowners view exploitable equity as an effective way to increase renovation budgets and potentially further increase home value,” Peoples shares. Remodeling can then capitalize on home hacking, remote work, multi-generational living, and other growth opportunities.
Strong Home Mortgage predicts exponential growth for home equity solutions. Peoples adds, “There’s no end in sight for usable equity, as home equity loans and helocs empowering consumers – and that’s not easy to achieve right now.”
You can hear the company’s radio spots on Youtube, SoundCloudand ReverbNation.
About Strong Home Mortgage LLC
Strong Home Mortgage is a veteran-owned direct-to-consumer lender licensed in 46 U.S. states and washington d.c.. Borrowers benefit from single-point-of-contact communications during home loan process with fewer transfers, more availability, better dialogue and smoother closing. The company averages 4.8 stars from over 6,000 reviews. This includes 97% recommended on Lending Tree, where the company has been recognized as one of the “Top 10 Lenders for Customer Satisfaction” for three consecutive quarters. [Q3/Q4 2021, Q1/2022].
Strong Home Mortgage LLC| NMLS#1675638|nmlsconsumeraccess.org| Equal Housing Lender | RI Licensed Lender│ MA Lender License # ML-1675638│ AZ Mortgage Banker License # 0950815│ Licensed by NJ Dept. of Banking and Insurance| CA Loans Made or Arranged under a California Finance Act License
Sources
¹ Nasdak,”US owners now have a record $11 trillion in the equity of a workable property“, 6/13/22.
2 market watch”Net worth of exploitable property has reached an all-time high“, 03/03/22.
3 Mortgage reports, “American owners have $153,000 Net worth of exploitable property on average“, 08/24/21.
4 Bloomberg,”US inflation accelerates to its highest level in 40 years“, 10/06/22.
5 Time, “Average gas prices in the United States $5 per gallon for the first time“, 11/06/22.
6 CNBC,”Jamie Dimon says ‘prepare’ for an economic hurricane“, 06/01/22.
seven Time, “Home equity loans are making a comeback“, 06/03/22.
Media Contact:
Eric Townsend
Vice President, Marketing
Strong Home Mortgage LLC
Headquarter:
9408 Grant Avenue, Suite 302
ManassasVA 20110 NMLS #1675638
Office: 571.499.4305
SOURCE Strong Home Mortgage LLC
