Home values in Utah have been rising the past several years. The average selling price along the Wasatch Front has grown 35% since 2013. This includes Weber, Davis, Salt Lake, Tooele, and Utah counties. In 2017, the average home sold for $304,000. Source via Salt Lake Tribune.
These increased values may lead many to consider tapping into their home equity. Is it smart to reduce your home equity through a cash-out refinance or a 2nd mortgage? It may not be right for everyone, but both options can be a great tool in strategic debt structuring or getting money to finance a home improvement project.
If you are considering a home improvement project, here is a link to a great article from Zillow on various upgrades and the potential ROI – Best Home Improvement Investments
Whether it’s home improvement or just a better way to structure your debt, the at Utah Mortgage are here to help you navigate all the options. Give us a call today for your customized solution.