Why You Should Refinance Your Home Now — Before It’s Too Late

Tamika Michelle Johnson
3 min readApr 24, 2022


Photo Credit: Curtis Adams

by Tamika M. Johnson, Esq.

April 22, 2022

Atlanta, GA — Let’s face it, real estate is and always will be cyclical. Sometimes it’s a sellers’ market, sometimes it’s a buyers’ market. At other times it’s a good opportunity to refinance and pull equity from your home depending on the interest rates.

So, the question is who benefits the most in the real estate cycle that we’re currently in — potential buyers, potential sellers, or current homeowners?

According to residential closing attorney, Tamika M. Johnson, an attorney who has performed thousands of real estate transactions in Georgia before and after the historic housing market crisis in 2008, the average homeowner who has not refinanced in the last 2–3 years is positioned to make out the best. But that time is quickly running out.

We have reached the peak of low interest rates in the United States for the foreseeable future, and they are rising every day,” Attorney Johnson states. “In February 2022 the average interest rate that borrowers had locked in was between 3.0% — 3.49%. As of mid-April 2022, most interest rates were 4.3% and higher,” she adds.

However, the trend is that borrowers who are current homeowners are cashing out at the closing table. In many cases, homeowners are accessing the equity in their home and are getting back $50,000 and more in cash while simultaneously eliminating debt when they refinance their homes.

“When I first started doing closings in 2006, the average interest rates for the transactions that I closed were anywhere between 7% -8% — some higher than that, few were lower. Now in the 4% range, interest rates are still relatively low, however, at the same time, property values are monumentally high, especially here in Georgia. Property taxes have increased tremendously recently, which has greatly affected most homeowners’ monthly payment especially if they have an escrow account. Inflation is through the roof. Gas is high. The current financial market isn’t pretty and it’s going to get worse. But you can give yourself some breathing room if you tap into the equity in your homes. Be smart with those funds though. Don’t go out and take frivolous trips or spend your money haphazardly,” Attorney Johnson adds.

If you’re on the fence about refinancing and pulling equity out of your home, don’t be. After experiencing the great 2008 recession, you want to be prepared with a nest egg for what’s likely to come. The next housing market crash will not likely be as devastating as in 2008, because certain types of loans have been eliminated since that time. But as you can see right now, interest rates are increasing overall for mortgages.

The homeowners who are and have taken advantage of high property values and lower interest rates are upgrading their homes, renovating, paying off debt, purchasing vehicles (which are also at record high prices), investing in new and existing businesses, and more. Now is the time to refinance, because a year from now we will likely be in a very different real estate climate.

Tamika M. Johnson, a licensed attorney in Georgia for over 15 years, is also a professional speaker, content writer/contributor, magazine publisher and editor. Visit www.johnsonlawpractice.com and www.tamikamichellejohnson.com for further information and inquiries.



Tamika Michelle Johnson

Tamika M. Johnson is an Attorney, Work-Life Balance Strategist & Speaker who assists clients and audiences with achieving a healthy work-life balance