Stephanie Mu…, Both Buyer and Seller in Canada, KY

We have owned our home for seven years but would like to move to a bigger one. To repair a major foundation fault, we have ended up with a large

Asked by Stephanie Murton, Canada, KY Sat Apr 23, 2011

amount of debt. We are woundering if it is better to roll it all up in a new mortgage or renegotiate the one we have now. If we renegotiate we would still like to move to a bigger house in a year or two. We don't know which is the better decision. Any help with this decision would be helpful. Thanks

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Sarah Klamm, Agent, Wellsville, KS
Sat Apr 23, 2011
I would recommend putting youriself on a strict budget and pay off the foundation debt asap. The best way to hedge against owing more on your property than it is worth is to owe as little as possible.

Dave Ramsey has some great tools for doing that. You won't regret it.
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Rudy McDowell, Mortgage Broker Or Lender, Bloomfield Hills, MI
Mon Apr 25, 2011
Hi, Stephanie. The first answer was spot on. Especially given how home values are still in decline and predicted not to change any time soon. You would be wise to act accordingly.
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Doc & Ellen…, Agent, San Antonio, TX
Sat Apr 23, 2011
Hi, Stephanie,

Many sites are available with mortgage calculators that will tell you if refinancing is advantageous. I like the ones at . Dave Ramsey aside (Yes, we'd all like to be out of debt and rich.), there are valid reasons why refinancing makes sense, and may make your home more marketable. After considering different strategies, find yourself a great LOCAL Loan Officer who can walk you through the Options, explain the Costs and give you honest advice. If your REALTOR is any good, he or she will know several who can be trusted to counsel, not just sell.

Good luck,

Doc Stephens, REALTOR
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