Keep Home And Refinance
REM # F618
Real Estate Matters by Ilyce R. Glink
Summary: A broker discourages a homeowner from taking a home off the market and refinancing. Ilyce sees no reason why this homeowner should not take advantage of the current low interest rates.
Q: I have my house up for sale right now, but I am thinking about taking it off the market and refinancing instead. My broker keeps talking about possible problems I might have with the refinance.
I intend on getting a letter from my broker that states the house is no longer
for sale before moving forward with the refinance. What do you think?
A: I'm confused by what your real estate broker has told you. What possible problems could there be with a refinance, unless your credit history has taken a beating since you purchased the property?
To the great surprise of many mortgage experts, mortgage interest rates have
continued to stay at 45-year lows. If you think you can refinance to either
make the house more affordable to live in, or turn it into a successful rental
property, you have the freedom to do that.
From what you've told me in your letter, it seems as though your broker is trying
to possibly scare you into keeping the property listed. If your broker loses
a listing because you decide to keep the property, so be it. You have to do
what’s right for your own personal finances. Scaring you into keeping
a property on the market is no way to develop a referral business.
Instead, the agent should help you find a great mortgage broker, knowing that
the time and effort he has put into developing the relationship will pay off
when you either sell the property down the line, buy another one, or recommend
his services to friends looking for a great agent. It is possible some lenders
may decide not to refinance your loan due to the fact that your home is for
sale and your intent is not to keep the home for the term of the loan. Generally,
however, if you plan to keep the home and take it off the market, lenders will
refinance your loan.
Ilyce R. Glink’s latest book is The REAL U Guide to Bank Accounts and
Credit Cards. If you have questions, write: Real Estate Matters Syndicate, PO
Box 366, Glencoe, IL 60022 or contact her through her website www.thinkglink.com
© 2004 by Ilyce R. Glink. Distributed by Real Estate Matters Syndicate
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
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