Many people are strongly attached to their homes and despite changes in their life find it problematic to make the decision to sell their house. Having built equity in the home over a long period of time, one consideration is refinancing to resolve the issues that brought up the subject in the first place. Whether you’re looking to refinance or sell your house, there are some considerations that need to be made. Read through today’s article and bring along a pen and piece of paper to take notes. Take action on what you learn! Now, let’s discuss how to know if you should refinance or sell your house in Greenville!
Too Much Space
Considering remodeling? Or wondering if you should refinance or sell? If you are ready to retire, selling your house in Greenville may be a fantastic option for you and your loved ones. Consider whether it is time to downsize your house size to better suit your retired lifestyle. If the kids have moved out of your house and you find yourself with a house that’s too big and you are no longer happy with your house as it currently is, it’s time to sell out and cash in on your equity. With the excess cash you get from the sale you can find a home that’s better for you and meets your needs. Many retired couples find living in a retirement community extremely appealing, due to the low cost of enjoying the lifestyle and amenities these communities provide. If you are considering remodeling and making serious repairs to your property by borrowing on the home, you may benefit from selling the home as-is and possibly avoiding thousands of dollars in repairs.
Remaining First Mortgage
You have to qualify in order to refinance your mortgage. To do that, your lender will require you to meet stringent credit and financial criteria. If the sale of your home is motivated by financial distress, you may benefit greatly by selling your house in Greenville for cash. Especially when a poor credit score equates to interest rates on loans that are a lot higher than the average. If you have not lived in the home long enough to build a large amount of equity and the new loan total is more than 80% of the current market value for the property, you will likely have to add private mortgage insurance payments. Those will tack on a pretty penny to the payments. This is a fee that is added to your loan payment until your balance falls below the 80%. So when you have 20% equity, you’re good to go. This can happen in the first 5 to 10 years depending on your loan terms. No matter which of these options to list your home on the market you may choose, there will be advertising expenses and other costs involved to be on the market. Always factor this in when deciding whether or not to refinance or sell your house in Greenville!
If you are already having trouble making your mortgage payments now, and you are wondering if you should refinance or sell, it may be best to sell your house in Greenville. When you sell your house before your court date, you can relieve your stress and avoid the unfavorable hits to your credit report for the next seven years. Those are nasty and do a lot of damage. If you select to work with a real estate agent, In addition to the expenses listed above, remember to deduct their commissions and fees as well as any closing costs you’ll be responsible for at closing from your net proceeds. Understand that listing in the traditional method, by either a real estate agent or listing your home on your own, does not guarantee a sale and can be quite expensive in itself, no matter the outcome. Ultimately, if you need to stop foreclosure in Greenville NC, youre going to need to work fast so a real estate agent may not be your best bet.
Ready to start sleeping again? Sell your house to Pitt Home Buyers! This may be the best solution for you because we pay cash for houses in [maret_city] NC. How you sell your home under these conditions could mean the difference between catastrophic loss and saving your financial future. Pitt Home Buyers will provide you with a guaranteed sale and a fast closing date. We have a simple, straightforward process that takes all of the guesswork out of selling your house. Our goal is to meet the needs of your circumstances and help answer any questions or concerns you may have about what is right for your situation! At Pitt Home Buyers, we take the time to listen. Ready to learn more about if you should refinance or sell your house in Greenville? Call Pitt Home Buyers at (252) 227-0274 or send us a message to learn more about what we can offer you!