I recently refinanced my home in Dec of 2006. We are currently in a crunch with our bills, and I was thinking of selling it. I don't want to spend to much out of the pocket money. What should I do? PLEASE HELP!!!
2007-02-16 00:39:18 · 6 answers · asked by tngu83 1 in Business & Finance ➔ Renting & Real Estate
This would totally depend on how much equity you have left in your home after the re-finance. If you refinanced just to lower your monthly payments and still owe close to the original loan value, then you will not make much money from selling.
You do not have to spend any money out of pocket to sell. Everything (usually) comes from the sale of the house. Realtor fees, closing costs, etc will come out of the check you would receive at closing.
Remember that it seems to be a buyers market right now depending on your location. It could take a while for your house to sell and there is the chance you would not get your asking price.
Keep in mind that you will need a place to live after you sell your home. Would you save more money renting than what you pay now for your mortgage payment?
Contact you current lender and a real estate agent to find out what you will need to know (amount owed to pay loan in full, your home resale value, what you would need to do to improve the chances of selling).
Good Luck!
2007-02-16 00:54:02 · answer #1 · answered by Older Sister 4 · 0⤊ 0⤋
You could tap into the equity in the home, and get a HELOC. If you have bad credit, you may need to check with a mortgage broker for that. I know of some if you need referrals. Also, with using a HELOC, you may be interested in this new program. It works well with a 30, 20, or 15 year mortgage. I am currently using a HELOC with a new software program that helps build equity fast, and will payoff my home in less than half the time without refinancing, and without extra payments. It is saving me thousands in interest, and pays off home in less than half the years, and also is helping me payoff some other debt as well.
2007-02-16 10:39:36 · answer #2 · answered by marshae 1 · 0⤊ 0⤋
Depends on the terms of your refinance. If you have a prepay penalty then you are locked out until the prepay expires. Also, if you did a cash-out re-fi as opposed to just a rate & term re-fi, then selling now may not necesasrioly put "more" money in your pocket since the residential market is softening. You may be lucky just to break-even........You may want to get some advice about managing your cash flow better. Seeing where you can cut back or consolidate certain benefits so that you can increase your disposable income...
2007-02-16 08:54:50 · answer #3 · answered by boston857 5 · 0⤊ 0⤋
Don't sell your home
MAKE More MONEY!
I Know it sounds easy to say. And you probably think I'm a smart *** for saying it .
But just for a Moment what IF?
What If changing your mental position on what you believe could change your circumstance?
I hope you explore this option before taking action!
www.Thesecret.tv
2007-02-16 08:53:33 · answer #4 · answered by mmmkay_us 5 · 0⤊ 0⤋
You probably took all the equity out, like everyone else, and I'm sure now you cannot sell.
The man who suggested a second job is right on the money.
Good luck
2007-02-16 19:24:53 · answer #5 · answered by frankie b 5 · 0⤊ 0⤋
If you're in a bind, and the proceeds will help you, then sell it! Just make sure you have something lined up to live in.
2007-02-16 12:26:00 · answer #6 · answered by Anonymous · 0⤊ 0⤋