Homeowners in Odessa, and anywhere else in Texas, will likely experience financial problems at some point in their lives. When left unresolved, these problems can worsen and adversely affect an individual’s quality of life. In fact, financial problems can take a toll on a person’s productivity, relationships, and overall health.
If you’re experiencing financial woes, you can sell your home or refinance your mortgage. These two options both provide some form of financial relief, but selling your home for cash is often the fastest and easiest way out.
This article will provide information on the great “sell or refinance” debate, making it easier for you to come up with a sound decision for your Odessa home.
1 – Selling Your Home Makes More Sense Financially
When experiencing financial problems, you can always choose to sell your home or refinance your mortgage. While refinancing allows you to shorten the lifetime of your existing loan and reduce your mortgage payment every month, taking this direction will still require you to shell out money each month.
Selling your home makes more sense financially because you can keep all the money from the sale. The profit you earn after selling your home for cash will surely lessen your financial problems.
2 – Selling Your Home Can Be Faster
Financial problems are usually emergencies that need solutions right away. When you refinance your mortgage, you may end up with lower monthly costs due to a better interest rate on a smaller amount, but keep in mind that refinancing is essentially taking out a new mortgage. You will still have to go through many of the same processes you went through when you first bought your home.
Selling your home for cash is the fastest solution because you can essentially earn a profit without spending time on repairs or renovations. This will ensure that you get cash for any of your financial problems fast.
3 – Selling Your Home for Cash Has Lesser Chances of Being Delayed
When you decide to refinance your mortgage, you’ll have to visit companies and comply with requirements to complete the transaction — remember, you’re taking out a new mortgage. Failure to submit certain documents or providing inaccurate information in these documents can cause a delay in the process.
You won’t experience this when you choose to sell your home for cash. Since this is your property, you’ll have full control over the timeline of the entire process. Selling your home allows you to decide when to sell it, making it easier for you to determine when you can get the cash.
4 – Selling Your Home Is Less Stressful
Selling your home isn’t an easy feat, but because you don’t have to wait for weeks or months for cash, taking this direction will be less stressful than refinancing your mortgage. As long as you find a buyer for your home, you can earn money from the sale in days!
Additionally, if your financial situation has changed for the worse, you may not even be approved for a new mortgage if you try to refinance. You won’t have to sit around and stress, waiting for a yes or no answer from your lender if you sell your home for cash.
5 – Selling Your Home Helps Eliminate Your Debt
If your financial problems involve making monthly loan payments, it’s best if you sell your home for cash rather than refinance your mortgage. You can use the money you’ve earned from selling your home to pay for any of your existing loans, thus cutting the cycle of getting a loan to pay for an existing loan.
Although refinancing your mortgage might seem like an easy way out, it actually has drawbacks. For one, refinancing your mortgage can actually cost you more in the long run depending on your individual circumstances.
If you’re looking for ways to resolve your financial woes today, learn more about selling your home for cash in Odessa. Aside from earning money fast, selling your home will not snowball into bigger problems because it’s a one-time transaction. We are cash homebuyers who will purchase your home as-is in as quick as just a couple weeks.