Refinancing While Selling Your Home

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Refinancing While Selling Your Home


Apartment Listing  

Is it possible to refinance your house when you are selling it? This depends on the prospective buyer. When a buyer approaches you for buying the house, he has two options. One is to take over your mortgage and pay the rest in cash or the buyer will have his or her own mortgage.

In case the buyer wants to take over your mortgage, then the refinancing could be possible. Refinancing is for people who already have a house and are unable to pay their mortgages and so they go in for a refinance. This way they can find different ways to reduce the interest or just consolidate their debts. Some people, however, prefer to refinance just before they sell their house.

However, this depends a lot on the interest rate that they have been paying on the mortgage. Some people would have bought their houses on high interests depending on the financial position they had while buying the house. If a person wants to make a profit by selling and at the same time wants to get rid of their high interest mortgage, they would probably refinance their home first and then take the decision of selling. This strategy helps because by refinancing they can lower the payments on the credibility that they have been paying mortgage for so long. Also, the interest may be much lower and the closing costs can also be reduced by using this strategy. However, before blindly turning to this idea, people should check their options and whether this is the right thing to do for them.

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Refinancing While Selling Your Home