I would not recommend refinancing right now because there is no way of knowing for certain how what kind of offers may come in. IMHO, refinancing at this time may limit your options so please consider your options carefully. And if I can be of assistance, please let me know as Buford is also part of my territory.
REALTORÂ® / Consultant - Keller Williams Realty Atlanta Partners
Your scenario is a common but interesting one. By refinancing you are essentially stopping any legitimate sale of your home for some time. Sure, it might sell on the open market but the title issues may kill the deal.
No problem, you say you will rent it.
Keep in mind that your new rental unit still has a payment so that will be taken into account when qualifying for the next home.
Are you buying UP or Down? If you are buying up, it's less of a problem. However, if you are buying a home that on paper looks less expensive than you townhome, you might be buying an investment property according to the bank and need to put down the full 20%.
With "50K" in equity... You CAN sell it. Keep in mind that banks are not doing a REFI like they used to, (Market plus 3%).
I live and work in the area as well. Let me know if you need anything.
That is actually a GREAt idea. If you can qualify for the loan you will have a great start on a retirement income stream. Talk with a lender first, and a Realtor to find out about the local market values and trends.
And maybe a CPA to help you budget and look at the tax implications.
I work in the Buford area and would be glad to assist you with your Townhome situation.
A re-fi may be a good option for you if you can get a better rate than you curently have.
We also offer a guaranteed home sale program that I think you would qualify for that would allow you to pull out your equity and make an offer on your next home without any contingency.
Give me a call and we can set up a time to discuss your options.
ERA Sunrise Realty
Please contact me if you would like more information.
I'm sorry to hear of your situation. You can reach out to Steve Chance at Wells Fargo for more specific information - 770-238-0211 or Stephen.B.Chance@wellsfargo.com
There are some tax ramifications as well as other things you should consider before making a decision.
I can also recommend a Realtor in the area who has been living/working in Buford for many years if you need someone to list your townhome or assist in your purchase.
Best of luck to you!
404 966 3247