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Should You Sell or Refinance Your Home?

Modified on July 5, 2022 at 10:46 PM

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Homeowners frequently face a financial fork in the road when deciding whether to refinance their current mortgage or sell their house. Each path offers advantages based on your financial situation, the mortgage rate market, and your household’s future demands. This article will look at the reasons for refinancing and other alternatives to help you make a better decision.

Reasons for Refinancing

Refinancing is just paying off your previous loan and getting a new one. Despite the fact that it might be challenging to sell a house, there will be several refinancing options available to you. Let’s look at several of the most common and prevalent reasons for remortgaging.

1. Modify your loan structure
Do you currently have an adjustable-rate mortgage (ARM)? If you have exceeded the time limit, the amount of interest you pay each month may change drastically. It is possible to remortgage from an ARM to a fixed-rate loan, thus maintaining a constant monthly payment. This makes your monthly payments predictable, which is helpful if you have a limited budget.

2. Consider an interest rate reduction

Is the interest rate on your mortgage lower now than it was when you bought your home? If this is the case, refinancing at a lower interest rate can help you save some money in the long run by lowering your monthly repayments. You may be eligible for a lower interest rate if your credit score has improved since you purchased your house or if you have paid off previous loans.

3. Change the type of loan you have

Once they have enough equity, most homeowners convert such government-backed debts to traditional finance. For instance, if your down payment is less than 10%, you will be forced to pay mortgage insurance for the duration of the loan. If you have a conventional loan, however, you can get rid of private mortgage insurance after you reach 20% equity. If you already have an FHA loan that has at least 20% value in your house, you can convert it to a conventional loan.

4. Reduce your term
You can also refinance into a loan with a shorter term. When you reduce your mortgage term, you raise your monthly payment, which allows you to own your house sooner and save thousands of dollars in interest.

Source: Unsplash

Refinancing Alternatives

You know you want to refinance, but you also know you want to sell your house soon. Let’s look at some of your alternatives.

1. Selling your home

You might also sell your house. Your realtor will do a Comparative Market Analysis (CMA) to assess the value of your property, taking into consideration the different elements that impact home prices, such as seasonality, location, market conditions, and the attributes of your home.

Although you will receive a flat sum of money, selling your home has its own set of fees. Repairs, house inspections, staging costs, and agent charges, not to mention purchasing or renting your future property. This may quickly add up, so it’s critical to plan ahead of time. Selling your home also involves uprooting the life you and your family have made there, so make a plan for your future steps before putting the “For Sale” sign up.

2. Make a loan modification request
Refinances and loan modifications are not similar. A loan modification is when your lender is willing to change the terms and conditions of your loan, allowing you to change your monthly repayment, loan length, and interest rate. Your lender might agree to waive a part of the principle you owe in unusual circumstances.

Refinancing is more expensive than loan modifications, which makes them an excellent option if you’re having difficulties keeping up with your payments before selling your house and downsizing, maybe to a smaller house. Keep in mind that lenders are not obligated to modify your loan terms or honor your requests.

Endnote

Even though you can still refinance your home prior to selling it, it’s usually not a good idea. Closing costs are usually required when refinancing. Closing expenses can range from 3% to 6% of the loan amount. If you only expect to stay in your house for a few years, closing fees may outweigh any benefits you obtain.

Related posts:

5 Tips to Help You Sell Your Home Quick5 Tips to Help You Sell Your Home Quick What To Do When It's Time To Say "Buh Bye House!"What To Do When It’s Time To Say “Buh Bye House!” Benefits of Getting a Cash Sale On Your HomeBenefits of Getting a Cash Sale On Your Home 4 Mistakes to Avoid When Selling a Home4 Mistakes to Avoid When Selling a Home

Posted By The Fashionable Housewife
on July 5, 2022 at 10:46 PM
Filed Under: Finances, Home Life
Tagged With: home loan, home seller, homeowner, homeowners, online loan, real estate, real estate agent, selling your home, selling your house

About The Fashionable Housewife

Sarah-Jean Ballard is the Editor in Chief of The Fashionable Housewife blog and Founder of Fashionable Media. Married to a sexy Molecular Biologist, housewife, mom to 5, homeschooler, Certified Personal Nutritionist and entrepreneur who's mission is to help moms just like you look and feel GREAT! Other interests include dancing, yoga, positive intactivism, natural birth and breastfeeding support, babywearing, paleo & gluten-free cooking, and promoting an overall healthy lifestyle to all.

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Sarah-Jean Ballard

Hi! I’m Sarah-Jean. I’m a Christian, the wife of a handsome Molecular Biologist, and the homeschooling mother of 5 beautiful kids!

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You do not find a happy life. You make it. 

That’s the biggest lesson that grief has taught me. If I just wait around to be happy again, I’ll die sad. 

You don’t get through grief and come out the other side. That’s not how it works. You learn how to grow around it like a tree grows around a rock that’s in the way. You don’t wait for the rock to move. Cause it’s not gonna. 

Choose happy. And then make it happen. 

#choosehappy #joyinthejourney #griefjourney #healingfromtrauma
8 billion smiles in the world, but his is my favor 8 billion smiles in the world, but his is my favorite. 

Happy Valentine’s Day, @daeinexplains 🥰

The last 20 years with you have been my favorite years on this earth. ❤️ 

If I did anything right in my life, it was when I decided to give my heart to you.  You are my best friend, my soul mate, my better half, my rock, my everything. 

I love you.

#couplegoals #marriedlife #motherhoodthroughinstagram #weddingday #marriagegoals #yourestilltheone
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This little guy always asks to help when he sees me cleaning the house, washing the floors, doing laundry, or emptying the dishwasher. That’s what I love about Montessori parenting - it allows kids to do  big jobs and in turn makes them eager to help! 

He was over the moon when we gave him the @lovevery floor mop that actually works! He uses it daily now. The mopping pad is machine washable and you can refill the fluid container on it. I usually just do water and a drop of essential oils because he loves it when everything smells clean! 😜 

Definitely recommend! If you want to grab this mop for your little helper, it’s in the Storyteller Play Kit from Lovevery for 3 year olds. 

LlNK is in my bio to get FREE shipping! 💃🏼

#lovevery #loveverytoddler #loveverypartner #montessoriathome #montessoriplayroom #montessoritoddler
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Sometimes we outgrown relationships. Sometimes we realize someone else isn’t a good influence on our lives. Sometimes we realize we aren’t a good influence for someone else. Sometimes we need to let things go that aren’t good for us in order to grow. And that’s ok. 

Stop trying to sit at a table you are no longer welcome at. Just be yourself, focus on God, love your family and friends, and the right people will gravitate to you. ✌🏻 

#raisingsaints #momlife #motherhoodunplugged #selflovejourney #growingpains #selfcaresunday
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No fancy electronics, screens, or extra features we don’t need. Just simple, straight forward functions and perfect results everytime. Plus it matches all my @cafeappliances too! 😂👍🏻

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The “Steffi” in green are the perfect boots for ushering in spring weather with their delicious vintage leather and worn-in look right out of the box. I love the chunky lug soles and inside zippers to get them on and off easily. 

These are the boots you’ll want to wear again and again. And again. 

Use my coupon code BALLARD20 to get 20% off your order! Find them on www.enjoiya.com

#leatherbooties #enjoiya #italianshoes #realmomstyle #momstyle #momstyletips
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You do not find a happy life. You make it. 

That’s the biggest lesson that grief has taught me. If I just wait around to be happy again, I’ll die sad. 

You don’t get through grief and come out the other side. That’s not how it works. You learn how to grow around it like a tree grows around a rock that’s in the way. You don’t wait for the rock to move. Cause it’s not gonna. 

Choose happy. And then make it happen. 

#choosehappy #joyinthejourney #griefjourney #healingfromtrauma
8 billion smiles in the world, but his is my favor 8 billion smiles in the world, but his is my favorite. 

Happy Valentine’s Day, @daeinexplains 🥰

The last 20 years with you have been my favorite years on this earth. ❤️ 

If I did anything right in my life, it was when I decided to give my heart to you.  You are my best friend, my soul mate, my better half, my rock, my everything. 

I love you.

#couplegoals #marriedlife #motherhoodthroughinstagram #weddingday #marriagegoals #yourestilltheone
Kids love helping if you just let them!💁🏼‍ Kids love helping if you just let them!💁🏼‍♀️

This little guy always asks to help when he sees me cleaning the house, washing the floors, doing laundry, or emptying the dishwasher. That’s what I love about Montessori parenting - it allows kids to do  big jobs and in turn makes them eager to help! 

He was over the moon when we gave him the @lovevery floor mop that actually works! He uses it daily now. The mopping pad is machine washable and you can refill the fluid container on it. I usually just do water and a drop of essential oils because he loves it when everything smells clean! 😜 

Definitely recommend! If you want to grab this mop for your little helper, it’s in the Storyteller Play Kit from Lovevery for 3 year olds. 

LlNK is in my bio to get FREE shipping! 💃🏼

#lovevery #loveverytoddler #loveverypartner #montessoriathome #montessoriplayroom #montessoritoddler
Stop trying to fit your square self in a round hol Stop trying to fit your square self in a round hole. 

Sometimes we outgrown relationships. Sometimes we realize someone else isn’t a good influence on our lives. Sometimes we realize we aren’t a good influence for someone else. Sometimes we need to let things go that aren’t good for us in order to grow. And that’s ok. 

Stop trying to sit at a table you are no longer welcome at. Just be yourself, focus on God, love your family and friends, and the right people will gravitate to you. ✌🏻 

#raisingsaints #momlife #motherhoodunplugged #selflovejourney #growingpains #selfcaresunday
When your toaster breaks from a power surge you ta When your toaster breaks from a power surge you take that as a sign that it’s time to upgrade! 🤪

It wasn’t hard to pick a new 4 slice toaster. As soon as I saw this one from @haden_usa I added it to my cart. I bought it from @lordandtaylor because it had the fastest shipping and I didn’t want to wait! 

No fancy electronics, screens, or extra features we don’t need. Just simple, straight forward functions and perfect results everytime. Plus it matches all my @cafeappliances too! 😂👍🏻

What do you think of this 4 slice toaster?! 

#toasters #kitchenappliances #kitchendesign #kitchendecor #whitekitchen #farmhousekitchen #farmhousestyle #whiteappliances
I’m obsessed with these leather booties from @en I’m obsessed with these leather booties from @enjoiya! 💃🏼 

The “Steffi” in green are the perfect boots for ushering in spring weather with their delicious vintage leather and worn-in look right out of the box. I love the chunky lug soles and inside zippers to get them on and off easily. 

These are the boots you’ll want to wear again and again. And again. 

Use my coupon code BALLARD20 to get 20% off your order! Find them on www.enjoiya.com

#leatherbooties #enjoiya #italianshoes #realmomstyle #momstyle #momstyletips
All the poop shoveling doesn’t seem so bad with All the poop shoveling doesn’t seem so bad with the prices of eggs right now! 🤪 🐔 🥚 

Guess it’s ok to be a crazy chicken lady and have a homestead now! 🤣

#momlife #crazychickenlady #homesteadlife
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