Financial Clarity for Doctors: When Property Values Decline

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In this episode of Financial Clarity for Doctors, hosts Rachelle Vanderzanden and Corey Janoff discuss some potential complications of declining property values. Don’t panic! This may not even apply to you, but it’s good information to understand.

If your home is worth less than you expect:
• If you purchased in the last couple of years and want to refinance, you may not be able to do so.
o Many banks require a certain percentage of equity to refinance your loan.
o Try to get the details of refinancing before you buy!
• You won’t be able to borrow against the value of your home unless you have enough equity.
• If you need to sell, you may end up actually paying money to get out of the house.
o For example, if you purchased a home for $900,000 and paid 10% down but your home is now worth $800,000, the proceeds from the sale may not be enough to pay off your mortgage and pay the closing costs on the loan.
• If you’re staying put, it may not be a big deal at all!

Generally, the longer you plan to stay in a home, the less likely you will be hit with some of these problems. You probably will have much more equity in a home you’ve lived in for ten years than one you lived in for three years.

For more financial planning tips from Corey and Rachelle, you can reach out to them at [email protected]. They would love to hear your questions and ideas for upcoming episodes.

Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.