Archive for the ‘income’ Category

Is now the time to sell your home or refinance??

September 29, 2007

With the housing market slump reaching a possible peak in the next 12 months, you have to consider whether now is the best ime to put your house on the market.

Many people have found themselves in a situation where they cannot sell their homes.

These are 500,000+ houses in the process of foreclosure and a glut of homes for sale currently.

This puts those in the need of selling there homes in a precarious position.

So, do you keep your house on the market and run the risk of losing it due to foreclosure OR do you refinance your mortgage to make the overall payments on your debt more manageable??

Great question BUT not an easy one to answer.

If you are having trouble meeting your mortgage payments and it doesn’t look like your situation is going to change in the near future, maybe it is time to think of changing careers and starting a business to generate new income.

An increase in income is an easier answer than cutting your bills.

There are many legitimate business opportunites today and ways to increase your income without a tremendous amount of upfront money.

Right where you live there are probably a number of ongoing businesses for sale that could help you increase your income OR just do something that you love.

Here is an example of a small retail tax preparation business that is for sale in a small town in Ohio.

Most people need an extra $500-750 per month and this would completely change their financial situation.

You should consider increasing your income first before making major changes by selling your home in a down market and refinancing when this may NOT even be an option due to lack of equity in your home.

Next time I will recommend (2) of the top places to go for credit advice and the best place to go if you are considering a refinance.

Until then.