Life presents many crossroads. One of these big decisions might be whether to refinance and stay in your home, or pack up and move to a smaller place. As a whole, the market is in a good place to explore either option.
Currently, the housing market is robust, and that’s no exception in Texas. In May 2017, the median house price in Texas reached $229,420, the highest ever recorded since 1990 by the Texas A&M University Real Estate Center. That’s nearly 20 percent higher than the same time three years ago. Selling an asset that has increased in value is always a win.
On the other hand, if you have good credit, refinancing can also help increase your cash flow, or pay off your mortgage ahead of schedule.
In either case, if your goal is to save money, these options come with pros and cons. Finding the one that's best for you will require some number crunching along with some soul searching.