Are You Planning to Cancel Your Mortgage in Lancaster, PA? Here's 5 Rules to Follow
Have there been dramatic changes to your life since purchasing your home? It can feel frustrating and stressful to pay a mortgage on a house that you no longer want. We’re recommending rules to follow so that you can have a smooth transition to get out of your mortgage in Lancaster.
Paying a mortgage every month gets pricey. This especially rings true if you’ve outgrown the house and need something that will better accommodate you. Here are 5 rules that will help you cancel your mortgage as soon as possible, without paying high fees or penalties.
Sell Quickly
In Lancaster, a simple and convenient method to get out of your mortgage is by directly selling your home to the buyer. We purchase homes straight from homeowners in this area and can close in just days. Houses that are quickly sold in Lancaster will help you save a lot of money on holding costs which include continued utilities, homeowners insurance premiums, property maintenance, taxes, and more. Traditional listings can be successful, but the prolonged process can end up costing you more in the long run. If you are trying to sell immediately, a direct sale with us will save time and money.
Selecting an Agent
Most people may opt into hiring a real estate agent when they decide to sell their home. Even though an agent is useful in some transactions, there are extra costly fees that add no value to your sale. You can hire a real estate agent if you are willing to pay agent commissions, do your own repairs (or pay for them yourself), or wait for a buyer. If you are in Lancaster and need to get out of your mortgage immediately, it might be worth it to sell your house directly to a buyer. Working with our team will help you cancel the mortgage for an unwanted house in Lancaster, minus the cost or inconvenience.
Renting to Tenants
Even though you will still be required to pay the mortgage every month, the tenants who rent your home will be paying it off for you. Having good tenants can help you pay off the mortgage, and possibly collect passive income. Be mindful that not every property is appropriate for renting out to people, and it’s not always easy to be a landlord. But, if you can find the right property management company, you should be able to get good tenants, rent your property to them, and have someone else pay your mortgage.
Re-Gift Your Mortgage
You don’t need to give away the property but it can be given to someone, and then they can take over the mortgage. Perhaps you have children or another family member who wants the house. If it’s possible, they can either assume the mortgage, or you can sell it to them for the amount that you owe. You must make sure that your debt gets paid off, and you don’t receive any additional penalties or fees. You will reap the benefits by severing your affiliation with the house, and the person who you sell it to will get an amazing deal by taking the property off your hands. Everyone involved will gain something from this transaction.
Applying Rent-to-Own
Selling your house through a rent-to-own method is useful to anyone who wants to sell for market value and is able to wait for an extensive period of time before the house is sold and they collect the full sale price. A rent-to-own agreement will raise the pool of potential buyers and give you higher odds of a quick sale at an exceptional price. You will not immediately see the total sale price, but you will be able to collect higher than average rent, a deposit, and guaranteed income for the next 1-2 years. When the rental term is up, your tenant can choose whether they want to purchase the house. If they cannot purchase it, the house stays in your name and you can sell it or rent it out to someone else.
If you are trying to get out of your mortgage in Lancaster County, contact us to see if we can help you.
Paying a mortgage every month gets pricey. This especially rings true if you’ve outgrown the house and need something that will better accommodate you. Here are 5 rules that will help you cancel your mortgage as soon as possible, without paying high fees or penalties.
Sell Quickly
In Lancaster, a simple and convenient method to get out of your mortgage is by directly selling your home to the buyer. We purchase homes straight from homeowners in this area and can close in just days. Houses that are quickly sold in Lancaster will help you save a lot of money on holding costs which include continued utilities, homeowners insurance premiums, property maintenance, taxes, and more. Traditional listings can be successful, but the prolonged process can end up costing you more in the long run. If you are trying to sell immediately, a direct sale with us will save time and money.
Selecting an Agent
Most people may opt into hiring a real estate agent when they decide to sell their home. Even though an agent is useful in some transactions, there are extra costly fees that add no value to your sale. You can hire a real estate agent if you are willing to pay agent commissions, do your own repairs (or pay for them yourself), or wait for a buyer. If you are in Lancaster and need to get out of your mortgage immediately, it might be worth it to sell your house directly to a buyer. Working with our team will help you cancel the mortgage for an unwanted house in Lancaster, minus the cost or inconvenience.
Renting to Tenants
Even though you will still be required to pay the mortgage every month, the tenants who rent your home will be paying it off for you. Having good tenants can help you pay off the mortgage, and possibly collect passive income. Be mindful that not every property is appropriate for renting out to people, and it’s not always easy to be a landlord. But, if you can find the right property management company, you should be able to get good tenants, rent your property to them, and have someone else pay your mortgage.
Re-Gift Your Mortgage
You don’t need to give away the property but it can be given to someone, and then they can take over the mortgage. Perhaps you have children or another family member who wants the house. If it’s possible, they can either assume the mortgage, or you can sell it to them for the amount that you owe. You must make sure that your debt gets paid off, and you don’t receive any additional penalties or fees. You will reap the benefits by severing your affiliation with the house, and the person who you sell it to will get an amazing deal by taking the property off your hands. Everyone involved will gain something from this transaction.
Applying Rent-to-Own
Selling your house through a rent-to-own method is useful to anyone who wants to sell for market value and is able to wait for an extensive period of time before the house is sold and they collect the full sale price. A rent-to-own agreement will raise the pool of potential buyers and give you higher odds of a quick sale at an exceptional price. You will not immediately see the total sale price, but you will be able to collect higher than average rent, a deposit, and guaranteed income for the next 1-2 years. When the rental term is up, your tenant can choose whether they want to purchase the house. If they cannot purchase it, the house stays in your name and you can sell it or rent it out to someone else.
If you are trying to get out of your mortgage in Lancaster County, contact us to see if we can help you.