People often reach a point when they’re ready to ease up on their expenses and save some money. When a homeowner feels this way, they often choose to refinance their home or sell their home. Waltham Realtors understand how these options can be attractive for homeowners as they both can help to reduce their monthly mortgage payments.
Refinancing vs. Selling
You have two options as a homeowner if you’re looking to ease up on expenses: refinancing your home or selling your home. Refinancing your Waltham home allows you to renegotiate your loan which would lower your monthly mortgage payment. Selling your home has the potential to get you a ton of cash that can pay off your mortgage completely. So, how do you know which option is right for you?
Refinancing Your Waltham Home
Waltham Realtors say that one of the main reasons homeowners tend to refinance their home is because of fallen interest rates. After a reassessment of your mortgage, lower interest rates can mean lower monthly mortgage payments. This would lead to significant savings.
Another reason homeowners choose refinancing is if they have improved their financial situation since buying the home. If one’s credit score goes up or the debt-to-income ratio has increased, then a lender might be interested in giving them a better deal on their loan.
Lastly, homeowners might choose to refinance in order to change the length of their loan. If a homeowner switches from a 30-year mortgage to a 15-year mortgage, they can save a ton of money on those 15 years of interest that would have built up.
Waltham Real Estate Agents say to keep in mind that refinancing your home means you’re getting a whole new mortgage, therefore, you’ll have to go through the qualification process again. So if you decide refinancing is for you, contact a Waltham Realtor and they can recommend some trusted lenders to you!
Selling Your Waltham Home
If your home’s value has increased significantly since you bought it, selling your home instead of refinancing can put a significant amount of cash in your pocket. Waltham Realtors say that this also allows you to reassess your wants and needs when it comes to a home. Maybe you’re looking for a bigger home or a new neighborhood. Either way, selling your home will give you a chunk of cash and allow you to move to where your heart desires.
If you’re looking to sell your home and buy a new one, contact Waltham Real Estate Agent, Hans Brings! Hans has years of experience helping clients get the best price possible for their homes. Call today! 617-968-0022