Sell and Rent Back for Refinancing
Refinancing is a must do consideration for all householders! Refinancing has to be on the top of your cash-management ‘to do list’! But also consider the sell and rent back refinance option. This is where you decide to step out of the property owning scene completely by taking a fast cash offer for your home and becoming a rent-paying tenant of the buying company.
What is refinancing, what is in it for the homeowner and how can you tell if you are ripe for it? Refinancing is simply the substituting of one loan deal for another where the collateral asset is the same. It is most commonly associated with home loans but can be done by individuals and businesses with any line of credit secured against an asset. A typical example would be a homeowner moving their mortgage to a different lender by paying up their outstanding mortgage and taking out a new one with the new bank or building society.
Homeowners can tell if they are ripe for refinancing if they can answer yes to three questions:
- Are market interests rates two points or more, below what you are currently contracted to pay?
- Have you been making on-time payments on your current home loan for at least two years?
- Are you sure that you will reside in the mortgaged property for at least two more years?
What will refinancing do for you? It will reduce your monthly home loan payouts significantly and in two ways. Firstly it will mean you pay a reduced interest level on your loan and secondly it will spread your repayments out over a longer period of time. If you so choose you could continue paying at your present amount and put the extra toward bringing down your principle loan amount and thereby get a further reduction.
These are unstable times and substituting a stable interest rate home loan for flexible one can give you freedom from worry over spiraling repayments. Swapping unsecured debt such as credit card balances, for secured home loans can also give you lower repayments. Property values have been inflating for years at a time so you probably have a much greater proportion of equity in your home than when you first bought it. Refinancing can free up some of that cash for your use.
Sounds like a good deal doesn’t it? So before dashing off to your mortgage broker do some groundwork to ensure success. Get your credit rating up to a good level if it isn’t there already. You can do this by always paying bills on time and reducing the number of credit cards that you hold. Find a zero interest one and transfer balances to use it to the full. Pay up small outstanding amounts and cancel those cards. Forward planning and effective execution of those plans are the prerequisites to rewarding refinance.
The sell and rent back refinance option will sweep away all this complexity and continuous reviews of your financial status. It will mean no more mortgage and responsibility for property. It will mean removal of the debt burden and peace of mind and should therefore always be a considered alternative to traditional refinancing.
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