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Refinancing A Home We Are About To Sell..?

Home & Contents Insurance Discussion

Refinancing A Home We Are About To Sell..?

Postby Belden » Sat Oct 07, 2017 10:12 pm

My husband and I are about to sell our home in Arizona. The couple buying it will purchase it as a "lease to own" sale. They can put down a large down payment ($50,000) which we will immediately use to pay down the mortgage on the house. We purchased the property in 2006 with a very high interest rate (6.5%). We would like to refinance it now, to enable us to lower our (and consequently the buyers) monthly payments, but we have already moved out of the home and live in another state. Will it be possible to refinance it now? We have excellent credit, and by putting the 50,000 into the mortgage the home will be almost 50% paid off.
Belden
 
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Refinancing A Home We Are About To Sell..?

Postby Derrance » Sun Oct 08, 2017 3:55 pm

You have to are living someplace, so staying in the apartment is mostly the first-rate wager. So far as refinancing or a dwelling fairness loan, that depends upon a few different explanations. In case your present loan is at a higher price, it can be sensible to refinance and take some cash out. If your current mortgage is at a rather low expense, simply take out a home equity loan (HEL). So far as the safety of a HEL, that is determined by what you mean. You're taking out the equity to your residence, so if you don't pay this bill, your home is on the line. If you are worried in regards to the charges, a HEL will have a fixed expense, so there is no worry of it growing. A residence equity Line Of credit (HELOC) on the other hand will adjust any time the Fed's trade the rates. I think they have been raise quite a bit over the final few years, so the rising will have to gradual down or discontinue at this factor. Of direction in case your credit is too unhealthy to qualify for any loan, you will have to on the whole promote, take the cash and repay all of your debt, appoint for 6-365 days, enable your credit score to rise after which purchase once more at higher premiums. Peace, Greg S.
Derrance
 
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Refinancing A Home We Are About To Sell..?

Postby Arnaldo » Tue Oct 10, 2017 10:09 am

You can still refi, but it will not be considered owner occupied and could affect qualification and rate.
Arnaldo
 
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Refinancing A Home We Are About To Sell..?

Postby Seosaph » Wed Oct 11, 2017 12:34 am

refi soon. consider investing the $50,000 in a mutal fund. why pay down a loan with a rate less than 4%?
Seosaph
 
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Refinancing A Home We Are About To Sell..?

Postby Wheeler » Thu Oct 12, 2017 5:54 am

Only a foolish buyer would agree to seller-based financing.

Why in the world would you pay down the mortgage by $50,000 when you are selling the property? You should seriously consider speaking with a fee-only financial advisor.
Wheeler
 
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