My blog postings will be related to the home buying and selling process, green tips to save around the home and in your life, as well as happenings in the Delaware area that might be of interest. I like to interact with my clients to help them have a fun experience when buying or selling a home by providing other outlets they may enjoy.
Today's Tip:
Do I Refinance or Not? That is the question of the Month!
This is a complicated answer when in detail because it is different for everyone. However some things to consider:
1. How long are you going to be in your house? More than 3 years...maybe refinancing is an option. 3 years is about how long you need to stay and reap the benefits of refinancing due to the costs you pay out up front during the refinancing process.
2. What is your current rate? If you are close to the rate (within a point) then it may not be a good time to refinance. Check with your mortgage expert to find out more details.
3. Do you have equity? Ahhh...here is where I can help you get started. Many people that have bought in the past few years have seen the housing prices drop below what they paid for their house. Therefore if you owe more than what the property is worth...you can not get a loan.
The government is trying to work out different scenarios for later this spring where if you are in this situation, there will be some options. I will post more on them when the guidelines come out. In the mean time, give me a call and I can give you a ball park idea of what houses are being sold for in your neighborhood. This will help you determine whether or not you should continue with your process. This will not be an appraisal but it will give you a better picture of where you stand currently.
I hope this helps your decision making process. Please give me a call or send me an email if you have more questions relating to this topic.
Have a great day!
Stacey Woods
Love the new blog Stacey, you are one motivated gal! =) Blessings to this new endeavor! -jenna
ReplyDelete