If you’re thinking about refinancing your home, depending on the reasons, the timing, and many other circumstances that come into play, selling may be a better option for you. We will explore 5 reasons why it may be better to sell than refinance your home in Yonkers.
Equity
Equity is the portion of the home you actually own. This is the portion that is free of any mortgage note or other legal financial obligations associated with the property. Every homeowner should have an exit strategy in place for their property, and should update the exit strategy based on the current market. The best option is to move when the price is at a high, so you can reap the most advantage from the equity you have built up over time. If you hesitate or try holding out for a better price, you could miss strong selling opportunities and potentially lose equity. This is a significant reason why it is often better to sell than refinance your home in Yonkers
Changing Needs
Maybe you bought a starter home and now you and your family have outgrown the property. It is often much simpler, and more cost effective, to buy a new home that is built for your needs than to renovate or make additions to your current property. Major remodeling projects can lead to the discovery of serious and sometimes expensive issues, and is a huge reason why it is better to sell than refinance your home in Yonkers. This is especially true for homes that are older or in a state of disrepair. You could literally save thousands of dollars, and a lot of time, by moving on to a newer property from the start. You can even avoid inspections and appraisals by selling directly to Astor Lane Homes.
Current Income
Income can change unexpectedly, and you may find that your current home mortgage costs are suddenly more than you can afford. If this happens, and appears to be permanent, you may want to consider selling instead of refinancing. This financial strain can compound the longer you hold onto the property. This is one reason why it is better to sell than refinance your home in Yonkers. By selling now, you can pay off your existing mortgage while stepping into a more affordable property. This will also lower your annual property taxes, saving you even more money over the long term.
Debt
You may find yourself facing serious debt issues, often for reasons outside of your control. Instead of taking on more debt by refinancing, you may be able to settle your debt and have enough equity remaining to finance a less expensive property. Overwhelming debt may mean it is actually better to sell than refinance your home in Yonkers to prevent your credit from being adversely affected. Carrying too much debt may also make it difficult to qualify for more credit. If a lender takes the risk and approves you for a loan, it is likely that you will be paying excessive amounts of interest, and may actually be losing the money you could have built in equity over the same period of time.
Credit
Late or missed mortgage payments can have long-lasting effects on your credit, and are another reason why it is often better to sell than refinance your home in Yonkers. As time passes and your credit worsens, your credit rating will drop. This may lead some of your debtors to increase the interest you are paying on existing lines of credit, especially if you find yourself nearing foreclosure. It is important to recognize any issues you are facing and act quickly. Foreclosure, which occurs when the lender takes possession of the mortgaged property, can be a devastating experience both personally and financially. It can stay on your credit history for seven years and impact future attempts for new lines of credit.
The bottom line is, it may be better for you to sell directly to Astor Lane Homes right now than refinance your home in Yonkers. Whether your reasons are financial or personal, by selling now you can place yourself in a stronger financial position and meet your changing personal needs. By working with Astor Lane Homes, you won’t need to wait for the right buyer with the right offer. Our professionals from Astor Lane Homes will take the stress away from this process and ensure all your needs are met in the transaction. At Astor Lane Homes, we take the time to listen and are willing to meet your needs. Our experts at Astor Lane Homes are always there to explain every step of the process and we’ve helped many other people through this process. At Astor Lane Homes we have a team of reliable professionals who can handle everything for you and are readily available to support you through the final day of closing. Why not let Astor Lane Homes answer any questions or concerns you may have and help solve your problems? Just send us a message or call Astor Lane Homes at (914) 266-0055 today!