If you’re considering refinancing your home, depending upon the reasons and the timing in your life and many other circumstances that come into play, selling just may be a better option for you. In our latest post, we will explore 5 reasons why it is better to “sell than refinance your home in Dallas.” There may be many reason to sell, but there are also many reason to not refinance your home.
You should also consider the Seller Finance program which may help you get to where you’re going quicker, with less headache than listing with a real estate agent. Then again, when you sell to a professional Cash buyer, everything goes by very quickly. After making many monthly mortgage payments, do you really want to use those funds now, can you wait a bit longer before refinancing, or should you refinance at all?
Equity
Equity is the portion of the home you actually own that is free of any mortgage note or other legal financial obligation associated with the property. Most homeowners want to hold onto the equity they have paid in on their home. For good reason, they should hold on to their equity.
The exit strategy for any property should be considered at the time of purchase. though most home buyers do not make such plans, as they prefer to live in their new found home forever. It is wise to consider and update your exit strategy based on the current market conditions, moving when the price is at a high, in this way, you can reap the most advantage from the equity you have built up over time.
Hesitating or holding out for a better price could allow the opportune moment to pass by and mean you are actually losing equity, this is a significant reason why it is often better to sell than refinance your home in Dallas.
Changing Needs
Perhaps you bought a starter home and you find you and your family have outgrown the property as it currently sits. Often, it is much simpler to buy a new home that is built to suit your needs than to attempt to renovate or make additions to your current property.
Major remodeling projects often lead to the discovery of serious and extremely expensive issues and is a huge reason why it is better to sell than refinance your home in Dallas, especially on homes that are older or in a state of disrepair.
Coming from personal experience and being in this exact spot a few years ago, you could literally save thousands of dollars and months of time by moving upward and onward to begin with. You can avoid inspections and appraisals by selling directly to We Buy Houses Cash Dallas.
Current Income
Income can change unexpectedly, and you may find yourself carrying the financial burden on a home that is suddenly more than you can afford. If the change appears to be permanent, you may want to consider selling instead of refinancing, which may only prolong the inevitable. This is one reason why it is better to sell than refinance your home in Dallas. 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.
Then again if you are looking to upgrade to a bigger house, to sell your home in Dallas now as opposed to refinance, that may help you find a bigger and better house quicker. A lot of things change when you sell your home.
Debt
Often due to circumstances beyond your control, you may find yourself facing serious debt issues. For some homeowners, instead of taking on more debt by refinancing, you may be able to settle your debt with enough equity remaining to finance a less expensive housing option.
Overwhelming debt may mean it is actually better to sell than refinance your home in Dallas, before your credit becomes adversely affected. Carrying too much debt can also mean that you may be unable to qualify for more credit. Should a lender take the risk and approve you for a loan, it is likely that you will be paying exorbitant interests, meaning you are actually losing any money you could possibly build in equity over the same time period.
Credit
The long-lasting effects on your credit of late or even missed payments are another reason why it is often better to sell than refinance your home in Dallas. As time passes and your credit worsens, your credit rating will drop and some of your debtors may increase the interest you are paying on existing lines of credit. Especially if you find yourself nearing foreclosure. It is extremely important to face your troubles head-on and act quickly. Foreclosure can be a devastating experience, both personally and financially, appearing on your credit history for seven years.
The bottom line is, it may be better for you to sell than to refinance your home in Dallas, directly to We Buy Houses Cash Dallas, right now than refinance your home in Dallas. Whether your reasons are financial or because your property just isn’t the right home for you any longer, by selling now, you will end up ahead of the game.
By working with We Buy Houses Cash Dallas, there is no lingering around, waiting for the right buyer with the right offer. Let a professional from We Buy Houses Cash Dallas, take the weight off of your shoulders, ensuring your needs are met in the transaction. At We Buy Houses Cash Dallas, we take the time to listen and are willing to meet your needs.
The experts at We Buy Houses Cash Dallas, are always more than happy to explain every step of the process. We’ve helped many other people through this process. At We Buy Houses Cash Dallas, we have a team of reliable professionals who can handle everything for you and are readily available to support you from the start through to the final day of closing. Why not let We Buy Houses Cash Dallas, answer any questions or concerns you may have and help solve your problems? Just send us a message by clicking here, or call We Buy Houses Cash Dallas, at (214) 723-1304 today!
We want to say Thank You for taking the time to read our blog post today sell than to refinance your home in Dallas. Remember, since 1998, we have been buying houses in Dallas/Fort Worth, Texas. We look forward to hearing from you soon.
