If you’re determined to get a new mortgage, refinancing is a relatively convenient option—but it may not be the best one for you. If you’re willing to move and go house hunting again, selling your property could be more profitable in the long run. Read on for help with deciding which course of action you should pursue.
Both refinancing and selling present an opportunity to get a new loan with more favorable terms. You can lower your interest rate and monthly payment, change the length of the loan, or switch from a fixed- to variable-rate mortgage. In both cases, your property will need an appraisal, and you’ll need to be in good financial health—keep an eye on your credit score, DTI, etc.
Selling may be a better option than refinancing if:
Still not sure whether selling or refinancing is the right avenue for you? Ask your loan officer—they’ll review your current situation with you in detail and guide you toward the best way to go.