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. We will explore 5 reasons why it is better to sell than refinance your home in Chicago.
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. The exit strategy for any property should be considered at the time of purchase. It is wise to update your exit strategy based on the current market, 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 buy and mean you are actually losing equity, this is a significant reason why it is often better to sell than refinance your home in Chicago
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 Chicago, especially on homes that are older or in a state of disrepair. 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 Chicago Home Buyers.
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 Chicago. 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.
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 Chicago 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.
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 Chicago. 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 directly to Chicago Home Buyers right now than refinance your home in Chicago. 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 Chicago Home Buyers, there is no lingering around, waiting for the right buyer with the right offer. Let a professional from Chicago Home Buyers take the weight off of your shoulders, ensuring your needs are met in the transaction. At Chicago Home Buyers, we take the time to listen and are willing to meet your needs. The experts at Chicago Home Buyers are always more than happy to explain every step of the process. We’ve helped many other people through this process. At Chicago Home Buyers 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 Chicago Home Buyers answer any questions or concerns you may have and help solve your problems? Just send us a message or call Chicago Home Buyers at (312) 300-2043 today!