prepared for the worst?
As Millions of Canadians Pull Cash from Home Equity - Experts Agree Downturn is Imminent
By Brandon Michael
Published 9:14 AM, Wed September 28, 2022
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(INTERLY) – Have you turned on the news lately? I am pretty sure you have all watched or read the countless stories suggesting our economy is heading towards a recession! This impending crisis has left millions of people with a bad taste in their mouths and scary thoughts in their heads:
“What if I lose my job?”, “What happens if I can’t provide for my family?”, “What if I can’t afford my car payment?”
These thoughts are turning into nightmares for countless amounts of people and often, they are becoming reality. You probably know one or even a few people that have been affected by unemployment, sinking stocks, high gas prices, and the all-around rising cost of living.
The Economic Times is warning, “The world is heading towards a global recession due to multiple colliding crises, and called for policies to revive growth.”
If the stories are true and we are headed into a financial collapse, don’t be left out in the cold wondering what you should do.
Some experts say we are already in a recession! Millions of hard-working homeowners are worried every single day about what this downturn means for them and their families.
The New York Times recently released an article titled, “The World Economy Is Imperiled by a Force Hiding in Plain Sight”. The article blames the pandemic for beginning this downward spiral we are facing. Then, the article goes on to explain what this means for businesses, interest rates, supply and demand, and what this will mean for families.
Daily living for everyone has done a complete circle in recent years. The simple act of grocery shopping alone has become a most unpleasant experience. Everything we do costs more and more every single day and the worst part is no one knows when or if it will end.
We are all struggling at some level. Checking your bank balance before running to the store for milk, or wondering if you may have to cancel your cable, internet, or phone to pay the heating bill this winter. Whether big or small, everyone is feeling the financial strain.
We are all suffering in some way...
The stress of budgeting to deal with the rising cost of everything can start to take a toll on more than just your wallet:
- Your mental health may start to decline because stress is hard on the body!
- The relationship with your spouse may become rocky due to arguments over money.
- Snapping at coworkers and family members for no reason because of the pressure you are under.
Don’t lose another night of sleep worrying about how to put food on the table or fuel in your tank. There is a way to get the relief you so desperately need.
The answer is right in front of you, now reach out and grab it…!!!
As a homeowner, you have all the power! You are literally living in your safety net and you can, and should, tap into it during these uncertain economic times.
Your home has equity and you can use that equity to immediately pull out cash that will help you get the peace of mind you are searching for:
- Consolidate your high-interest debt.
- Lower your interest rate and reduce your monthly payment, by A LOT
- Open a line of credit that will be there in case you need it for an emergency, job loss, major appliance replacement, medical bill, etc…
- Use equity to make smart investment choices to secure your future.
- Renovate your home to raise the appraisal rate and get max value if you decide to sell.
- Pay off your car loan and say goodbye to that monthly cement block (payment) you carry around.
You don’t want to miss out on the opportunity to keep your family safe, stable, and unaffected by however the tides may turn in the economic crisis we are facing. You have worked hard for many years to be able to afford your home. Now it’s time to let your home pay you back!
Refinancing your home is one of the best options you have when you are faced with the fear of not having enough money to go around.
There are so many advantages to being able to pay off all of your credit cards. This alone will lower your outgoing payments tremendously while raising your credit score at the same time!
Our economy may be heading into a black hole but there is no reason you have to tag along. Make the wise decision to refinance your home today!
