witch way would be more profittable
2006-06-15 10:03:58 · 7 answers · asked by Fernando M 1 in Business & Finance ➔ Renting & Real Estate
Where are you? I hear that the market is soft in the Jersey area...if you refinance, less equity....selling in a soft market...
2006-06-15 10:08:21 · answer #1 · answered by magnamamma 5 · 0⤊ 0⤋
Refinancing will be the smart move but I am not sure with so many bills as you indicate you will be able to refinance--of course unless you have lots of equity. Depending on how much you are in the hole, I would try and get rid of some of the unnecessary bills and sell all the unnecessary stuff we all have laying around the house, i.e., sell the hummer and buy a cheaper used reliable car, etc... Rent a room out for couple of month and make some extra money...get a second job, etc. And as last resort--ask your family for a loan....
2006-06-15 17:40:51 · answer #2 · answered by kalamity 3 · 0⤊ 0⤋
a refinance is just like apllying for a new mortgage and refi's take longer, also some financial inst. make you sign a paper that if you sell or refi within 2 years you pay a penalty ussually about 5 g's....take care of your bills some other way,, dont mess with the house...............maybe a line of credit with the local bank,.
ps. the only ones that profit are the banks ,,, your profit is the equity you build in your house
2006-06-15 18:04:33 · answer #3 · answered by mgllpz 3 · 0⤊ 0⤋
Neither option would be more profitable from a financial sense. Although the refinance would give you more leverage with your money.
As far as some of the other answers on here, please be careful as to who you listen to. There was one person who told you about pre-pay penalties (PPP) for "5 g's".
PPP's are sometimes added loans, but you as the customer have the right to decline these types of loans. Although, there are also loans out there that do not have PPP's.
If you would like some more advice on this, feel free to contact me at timothy.kazee@americanhm .com and I can help you out with anything that you need.
2006-06-15 23:28:04 · answer #4 · answered by Kaz 3 · 0⤊ 0⤋
Refinancing would be a smart choice since you can lower your monthly payments and consolidate debt. You don't want those bills to pile up and ruin your chances of getting into a new home next year with any lates. Interest rates are still good.
http://www.lendermark.com
2006-06-15 17:07:56 · answer #5 · answered by Tony Danza 2 · 0⤊ 0⤋
Depends on the various factors such as: interest rates, value of the home, morgues rates, and market turn around.
2006-06-15 17:08:28 · answer #6 · answered by Swordfish 6 · 0⤊ 0⤋
IF YOU REFINANCE AND DO THE RIGHT THING (PAY YOUR BILLS) YOUR CREDIT SCORE WILL INCREASE. GETTING FINANCE FOR YOUR NEST HOME WOULD BE EASIER.
QUESTION: DO YOU LIVE IN A PREPAY STATE? IF SO BUY OUT YOUR PREPAY WHEN YOU REFINANCE.
2006-06-15 19:01:50 · answer #7 · answered by ron d 3 · 0⤊ 0⤋