LIMITLESS - topic of the day
Is Now the Time? Refi your home mortgage or sell and downsize your property by Jeff Winke
Grappling with life questions seems to occur no matter how young or how old we are. The questions seem to have shifted or evolved in the last half of life. Items on our bucket list start to have greater urgency to either achieve or realize it ain’t gonna happen and should be jettisoned. Priorities have changed. Backpacking across Europe, climbing Everest, and pursuing a PhD in philosophy are all still achievable, but if you’re hovering around or actually have pulled the plug and retired other questions and pursuits take on greater importance... for instance, where to comfortably live. Years ago, it was likely that you upsized your home to accommodate children, pets, or simply because you needed an extra room for a home office. But what once was the perfect home, may now 78
LAKE NORMAN CURRENTS | AUGUST 2022
be too hard to manage and maintain. The house may no longer meet your needs and capabilities. Bigger is no longer better. Refinancing to extract equity or downsizing to a smaller house become options for opening the door to the next stage of life. So, when is the right time to refi or downsize? If owning your current home is giving you more stress and worry than joy and comfort, the time may be now. “Usually, the best time to refinance is when you need equity from your home to renovate, remodel, or purchase another property,” stated Chad Lubben, senior loan officer, The Lubben Group, CrossCountry Mortgage, LLC, Cornelius, North Carolina. “Right now, when we’re towards the top of the market, is a great time to sell and downsize.”
