To Refinance my home or sell my home, that is the question.
With interest rates at historical lows, it is tempting to jump ship on your current mortgage whether through a refinance or the sell of your home. Here are a couple of questions to consider when trying to make this decision!
Were you already thinking of refinancing or moving?
If so, now is the perfect time for you to take the plunge. However, if this thought wasn’t in your foresight already, make sure you weigh the pros and cons of either scenario.
How long have you been in your current mortgage?
If you have lived in your home for more that 10 years this question can have a very equal pro and con list. Take a minute to explore your specific situation and talk with a Real Estate professional to see where your home stands on the value ladder.
Refinancing:
Less than 10 years | 10 years or more |
Pro | Con | Pro | Con |
Lower payments | Not enough equity | Take out equity | Payment may increase |
Make upgrades | Over upgrading | Lower interest rate | May pay more int. Over time due to amortization |
Shorten term with a 15 year mortgage | Payment may increase | Make upgrades | May need too much work. |

Is it better for me to Sell?
It may be a better idea for you to sell your home if you were considering selling. Due to the low interest rates, homes are selling fast and for more money. It is a full on sellers market out there. If you hire the right Real Estate professional who knows your market and can properly value and market your home, this could be a very lucrative opportunity if there is equity in your home. Conversely, if you have paused your mortgage speak with a Lending specialist, your Realtor can point you in the right direction, and see if selling is the better option for you. Look at new builds as a next purchase. These homes often come with great warranties!
What if I just bought my home 2-3 years ago.
Some situations will vary, but it is safe to assume that you could chose either a sell or refinance option in this case. Speak with your current mortgage provider to get a proper pay off. Ask your Realtor to do a CMA (Current Market Assessment) to see if you have enough equity with the inflation over the last couple of years to make a move. Both options will incur cost to you. Know those costs before deciding on which option is best for you!
It is an exciting time right now in Real Estate, and if you own a home, you can take advantage of the amazing benefits of home ownership. Everyone’s situation is different, but make sure to do your research and get connected with a great Real Estate and Mortgage professional to guide you through the process. If you do not currently own a home, and you are thinking about it, our first time home buyers program will guide you through the process seamlessly. Take advantage of our resources and Realtors!