Some come to us to refinance the property, but the case get stuck somewhere as the borrower come to refinancing as last resort when he/she is cash tight, too high credit card debt and have payment problem.
Some come to us for refinancing knowing if they don't do that, the credit card interest will kills them.
It goes back to the same principle, when is the best time to sell your property?
It is when you don't need to sell.
When you need or have to sell, that is when the problem may arise...
- can not sell fast enough
- sold and can not get money fast enough
- can not get price good enough
- losing negotiation power.
Plan well and refinance before you HAVE to, will give you more advantage and high chance of approval.
Why refinance? The reason(s) can be either one or combination of 2 or more...
- Pay longer period and reduce commitment
- Save interest, get lower rate now if your loan is more than 5 years old.
- Get some cash out for other purposes, may include debt consolidation or reinvestment.....