Refinancing A loan Instead Of Selling

Many home owners decide to sell because of expensive monthly mortgage interest payments. In many cases the home owner has little choice and need to sell to avoid a mortgagee sale. In other cases, refinancing a loan may be a sensible alternative to selling.

If you are planning to sell your home because of expensive monthly payments, you could investigate the possibilities of changing the loan term, repayment amounts, or dates.

Pros: Refinancing can provide a home owner with more options. If you have owned a home for several years and have not refinanced, you may be able to refinance at lower interest rates and significantly reduce your monthly payments.

Cons: Refinancing essentially resets the clock on your loan. This may cost you money over a period of time, however it is worth doing some calculations and investigation what is best for you based on your current situation.

What Are The Alternatives To Selling Your Home? What About Mortgage Refinancing? Find out more.