Tammy Craig/Owner

Does one sell or refinance? Interest rates are low. The market is booming. How do you decide? The internet today is designed to grab consumers, but what if you are not ready to be grabbed? It is tough to find general information today without your click being broadcast far and wide to available lenders and they start calling. In this post, you will find general rules of thumb to answer this question.

The first, and most important question is the length of time you plan to live in the home. How long will it take you to re-coup the cost of refinance? Will the monthly savings make a difference in your comfort level?

Your local lender is the best place to begin. Lenders are often paid on commission, like realtors, but I have found the majority are in the business to help people. They are happy to answer questions, no strings, other than the good will created will bring you back when you are ready to turn the page in your life.

Your local Realtor can help you with questions regarding replacement costs, market value for your home, and current real estate market climate. I went to a listing appointment and after listening to the seller’s concerns the seller found it was in their best interest to pull money out of equity, use that money to pay upgrades and personal credit amounts, and keep the home. The refinance allowed them to pay off the home sooner, make their payments lower than the previous payment before refinance.

There are many mortgage calculator apps online to play with numbers and test the waters before you make an official appointment. However, an app doesn’t hold a candle to sitting down with the professionals to get real life answers to meet your personal need.

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