Simultaneous sale and refinance or stay put?

I have a dilema. I am in an ARM set to adjust in August 2008. I have a 12,500+ prepayment penalty that falls off in June 2007. If I refinance and keep the house I would have to get a new mortgage at around 0k. If I sell the house outright I could sell it for 0k. Should I sell take the profit and go into an apartment for a small while and save as I want to go out of state within 2-3 years. Sell my existing home and buy a cheaper home by rolling the profit from the sale of the home I am in now. Or should I stay in my existing home by refinancing and getting an FHA loan. My motivation to stay is to keep my daughter in her school which she likes and doesn't want to leave. The buy of a new home in the area and an apartment would allow me to do so. Once she finishes 5th grade I plot on moving to the NC area.

Related FHA and HUD Posts

Tags: 3 years, apartment, dilema, existing home, fha loan, FHA Refinance, motivation, new mortgage, prepayment penalty

This entry was posted on Wednesday, June 17th, 2009 at 1:48 am and is filed under FHA Refinance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Top incoming search terms for this post

homes, closing, should i consider fha loan?,

One Response to “Simultaneous sale and refinance or stay put?”

Rebecca says:

June 17, 2009 at 1:48 am

Reality, you have no profit if you are talking the difference between 400 and 430K. First you have NOT sold it for that so you don't know what your offers would be and then the commission, moving expenses and on and on.

Tags: 3 years, apartment, dilema, existing home, fha loan, motivation, new mortgage, prepayment penalty,

Related results on Simultaneous sale and refinance or stay put?

Alcuin and Flutterby
The Treasury, which paid $3.25 per share in July 2009 when it agreed to swap $25 billion of the bailout money for a stake in the bank, had planned to sell $5 billion of this stock in a simultaneous secondary share sale. Only two weeks earlier, ...... The low interest rates pushed up home prices, enabling Americans to refinance their homes and spend the equity. Credit cards were maxed out in expectations of rising real estate and equity values to pay the accumulated debt. ...

Simultaneous sale and refinance or stay put?
Sell my existing home and purchase a cheaper home by rolling the profit from the sale of the home I am in now. Or should I stay in my existing home by refinancing and getting an FHA loan. My motivation to stay is to keep my daughter in ...

The Automatic Earth: March 11 2010: A good deal on a bridge in ...
The bill "would address fundamental conflicts of interest associated with the sale of packages of securities made up of loans," according to a summary provided by the senators' offices. "Some financial firms put together and sold ...

FHA Home Mortgage Loan Interest Rates