Kaili Baines Motto Mortgage Signature

There could be a few reasons you would want to consider refinancing. If rates have gone down and you may be able to lower your monthly payment or reduce the amount of overall interest you will pay. Perhaps you have built up enough equity that you can get rid of mortgage insurance. Or you may have enough equity in the home and you would like to consolidate your debt or use the equity in your home for repairs. Many times a cash-out refinance or home-equity line of credit will have a lower interest rate than credit cards. We can always discuss options to see what make sense for you!

Great question Rory! The short answer, no, you do not have to sell your house before applying for a new mortgage. You should talk with a mortgage loan officer before selling your current home to see if there are any hurdles to overcome before you have a contract in place. As a mortgage professional we will discuss all options to best fit your needs. This may include utilizing a bridge loan to purchase a new home before listing the old. Every situation is different and as your mortgage professional we can discuss how to best meet your needs!