We Buy houses in New Orleans – Deep South Home Buyers: You can always choose to sell and opt for a less expensive home with an easier mortgage payment or you could try to refinance with your lender. There’s always something you can do to make your load a bit lighter. When you own your own home, you have some leverage and you have options. You’ll need to assess your situation to see what your best course of action will be.
Now is actually a great time to sell your home and buy one less expensive. The reason is simple. You may be able to buy a nice house that’s just as big as yours for much less. With the glut of homes on the market today, the market values have dropped dramatically. That works both ways. Your house won’t be worth as much as it once was, but your mortgage is still owed according to the home’s worth when you took out the loan. On the other hand, you can find a great house for a very low price and take on a mortgage that will be subsequently less than the one you have now.
Other Options to Selling Your House
One other option is to try for a refinance of your loan. Depending on how much of your original mortgage you’ve paid off and what your financial health looks like now, perhaps you’ll qualify for a better interest rate and the mortgage will be written for what you owe now, rather than the original amount. It’s somewhat difficult these days to get a loan as banks have tightened up their lending practices but it might be worth a try if you want to keep your current home.
As far as selling your house to buy a more frugal version, selling a home is another tough job at this point, but there is an alternative to traditional home sales. A real estate investor may want to buy your house ‘as is’ for about 70 to 80% of the current market value. They deal in mostly cash and are known for their ability to close deals in a hurry. They don’t charge fees and most will handle the paperwork and legal aspects of the sale. They will make you an offer, which you are under no obligation to accept. It doesn’t hurt to ask. You may be able to sell your house for cash and buy another with a smaller mortgage.
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