How to Know if You Should Refinance or Sell Your House in Little Rock

Many people have an emotional attachment to their home and may have trouble deciding if they should sell it or not. If you have owned the house for a period of time and from that built up a good amount of equity in the home, refinancing may be a good option for you. We will share with you how to know if you should refinance or sell your house in Little Rock. 

Too Much Space

Are you thinking about fixing up your place, refinancing, or selling? If you feel like you are ready to downsize your home because the kids are all gone and you are left with a house that is too big to care for, selling your house in Little Rock may be a better option for you. Many people that are nearing retirement are considering moving to 55+ communities. They typically have lower cost of living in desirable areas and provide a host of amenities to the residents. If you are considering fixing up the house or making some improvements by borrowing on the home, a better option may be to sell the home as-is and avoid the high price tag of remodeling cost. 

Remaining First Mortgage

Getting a refinance on your mortgage is traditionally hard to do due to the qualification process. If the sole reason that you are considering refinancing your mortgage is because you are in a bad financial situation then you may be better off by selling your house in Little Rock. If you do not have stellar credit that may disqualify you from being approved for a refinance or you may be given higher interest rates. If you do not have enough equity built up in the home and the refinanced loan exceeds more than 80 percent of the value of your property, you will most likely have to get mortgage insurance payments as well. We would not recommend moving forward with this option if you are in financial stress. 

Before you decide whether or not to refinance or sell your house in Little Rock, you should consider if you qualify for a refinance first! 

Foreclosure

Like we had mentioned previously, if you are in a tight spot financially and struggling to make your mortgage payments, refinancing may not be the best thing to do and you should consider selling your house in Little Rock. By selling the property before the foreclosure process is initiated by the lender, you can avoid the negative marks on your credit history associated with foreclosure (up to 5+ years). When you sell your house and if you decide to work with a real estate agent, you will need to factor in their commissions, fees, and closing cost. These cost will come from your net profit on the property being sold. Listing with a real estate agent will take longer and have many cost associated with it. 

Don’t feel like dealing with the pain of selling your house?  Selling your house directly to Sunny Day Homes LLC may be a better choice for you. This is an extremely important decision and whatever choice you make can have a serious impact on your finances. At Sunny Day Homes LLC we can help you determine what option is best depended on your specific situation. We can also offer you a 100% fair cash offer for your house and close on your timeline. As a company we strive to be the local solutions provider for real estate problems in Little Rock! At Sunny Day Homes LLC, we take the time to listen. Ready to learn more about if you should refinance or sell your house in Little Rock? Call Sunny Day Homes LLC at (501) 400-0505 or send us a message to learn more about what we can offer you!

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