It is very possible that you can sell your home after refinancing. If you refinanced due to a high-interest loan, you will be able to sell your home within the first year. Refinancing can also be an option with your current mortgage. If you refinance, you may be able to sell your home within the first year of ownership.
It appears that the only way to find out if you can sell your home after refinancing is to do a title search and see if your home is on the market. If you are refinancing, you will have to wait to see if the home is on the market or if you can sell it before you can start the title search.
It’s a pretty bad idea to sell your home after you refinance. I read an interesting opinion piece on The Wall Street Journal (which is usually written by someone who hates refinances) that said the typical refinancing scenario is that the lender takes the first mortgage and then, after paying the second mortgage, takes the first interest-only mortgage. So the refinanced mortgage is a second mortgage. The first mortgage has nothing to do with the sale of the house.
This is why it is so important that you get a loan that is secured to your home, not as a second mortgage. Refinancing is meant to be a long process. That means it takes a long time to pay off the second mortgage, and then you have to keep that second mortgage, because it is still on your tax bill. But the other big problem with refinancing is that you are now selling your house.
It sounds like you’re saying that if you refinance to a home that you already own, you will have to sell your house before that second mortgage is paid off. That is true, but there are a couple of good reasons why you should wait before refinancing. The first, and the most important reason, is that the market is still out of whack. The second reason is that your refinancing is the first step to getting a property loan.
The market is out of whack because the average price of a house is now a little over three times what it was a year ago. This isn’t because of a general shift in buying in the market, but the fact that the average price of a house is so high that it is already overcompensating for the fact that the price of homes is falling. This creates a shortage of houses in the marketplace.
If you’re a home owner who refinanced, you have a choice: sell your home, or pay off your loan with the money you have now and buy a house elsewhere. Because the value of your home has stayed the same (and probably has even increased) and the price has dropped, most lenders are willing to offer you refinancings. The down payment is, however, a relatively small amount and the closing costs are also relatively high.
The average cost for refinancing is now at $19,875, which makes the average down payment for a home buyer at $2,950. This is a bit too much for some buyers. If you can, I think you should sell your home at a discounted price and pay off your mortgage with the extra money you have now. In other words, don’t borrow as much as you think you have to, and consider refinancing instead.
I have always heard that it is the most affordable and also the hardest to get a refinancing because of the high mortgage payments. I would love to hear your story.
I would suggest you wait to get a new loan until you get a good offer. If you are approved for a new loan, you will not be able to refinance it until your new loan is paid off. So you will need to pay off your old loan first.