We will discuss five reasons why it is easier to sell your home in Philadelphia than refinance it. Based on the reasons and the timing of your life and many other circumstances that come into play, if you are considering refinancing your house, selling might just be a better choice for you.
Equity is the part of the home you currently own that is free of the Philadelphia property associated with any mortgage note or other legitimate financial responsibility. At the time of purchase, the exit strategy for any property should be considered. Based on the current market, it is prudent to update your exit plan, moving while the price is at a peak, so you can derive the most value from the equity you have built up over time. Hesitating or holding out for a better price could allow the right moment to buy and mean that you are actually losing equity, which is an important reason why selling your home in Philadelphia is always better than refinancing it.
Maybe you purchased a starter Philadelphia home and you find that the property as it currently sits has outgrown you and your family. Sometimes, buying a new home that is designed to meet your needs is much easier than attempting to renovate or make additions to your current house. Major remodeling projects frequently lead to severe and extremely costly problems being discovered and it is a big reason why it is easier to sell than refinance your home in Philadelphia, particularly on older or disrepaired homes. By going up and on to begin with, you might actually save thousands of dollars and months of time. You may prevent inspections and appraisals by selling to Philly Homes And Lots directly.
Income will change abruptly, and in a home that is suddenly more than you can afford, you may find yourself bearing the financial burden. You may want to consider selling instead of refinancing if the move seems to be irreversible, which may only postpone the inevitable. This is one reason why selling than refinancing your home in Philadelphia is safer. You can pay off your current mortgage by selling now, while stepping into a more affordable home. It would also reduce your annual property taxes, saving you even more cash in the long run.
You can frequently find yourself facing severe debt problems due to circumstances beyond your control. For certain Philadelphia homeowners, you may be able to resolve your debt with enough equity left to fund a less costly housing alternative instead of taking on more debt by refinancing. Overwhelming debt can mean that before your credit becomes adversely impacted, it is actually safer to sell than refinance your home in Philadelphia. It may also mean that carrying too much debt can render you unable to apply for further credit. If a lender takes the risk and accepts you for a loan, you are likely to pay exorbitant interest, meaning you are potentially losing any money over the same time span that you might probably build in equity.
The long-lasting impact on your credit of late or even missing payments are another reason why it is always easier to sell than refinance your home in Philadelphia. Your credit rating will decline as time passes and your loan worsens, and some of your debtors may raise the interest you pay on existing lines of credit. Especially if you find yourself close to foreclosure. Facing your troubles head-on and acting fast is extremely necessary. Foreclosure can be a traumatic experience that has been in your credit history for seven years, both emotionally and financially.
The bottom line is, selling directly to Philly Homes And Lots right now could be better for you than refinancing your home in Philadelphia. If your motives are financial or because your property is simply no longer the right home for you, you will end up ahead of the game by selling now. There is no hanging around by partnering with Philly Homes And Lots, searching for the right buyer with the right bid. Let a Philly Homes And Lots specialist take the weight off your shoulders, make sure your needs are addressed in the transaction. We take the time at Philly Homes And Lots to listen and are happy to address your needs. The Philly Homes And Lots experts are always more than pleased to clarify every step of the process. Through this process, we’ve helped many other people. We have a team of reliable professionals at Philly Homes And Lots who can handle anything for you and are readily available to assist you from the beginning to the final closing day. Why not let the Philly Homes And Lots answer any questions or concerns you may have and help solve your problems? Just give us a message or call Philly Homes And Lots today at (215) 385-3055!