By Gabriela Rico | Tucson.com
With interest rates at historic lows and recent increases in Tucson home values, many jittery homeowners impacted by the coronavirus outbreak are looking to refinance to get their hands on cash.
Refinancing has been on the rise for months, but has jumped 479% so far in March, according to Zillow economists.
Is taking cash out of your home a good idea right now?
“Homeowners should use a conservative approach when deciding if they should tap into their equity,” said Kim Dees, senior vice president and Southern Arizona division manager for WaFd Bank Arizona. “Using these funds for home improvements or paying off high interest debt may be reasons to consider; however, you do not want to draw down the equity too far.”