Let’s Talk… Mortgage Rates and Your Options if You Need to Move!!
Many people refinanced at the bottom and are stuck living where they are because their rate is so low. We personally did this and even though we may want to upgrade, it’s hard to do we can’t because mortgage rates are hovering between 7-8 pct versus our rate of 2.75 pct.
What happens if you have to move? Here are some things I am seeing that can make a move more palatable.
- Look at new homes because some new home builders are buying the rate down to 6 pct. This seems to be a magic number that is acceptable to many people in the market for a house.
- It’s your payment, not your rate that matters. If you can get a new house for less than what you sell your house for, your payment may be close to what you are paying now.
- You can always refinance later, if rates go down. Your house is where you will spend most of your time, so you need to be happy. You also need a place to live. In my opinion, the economy seems to be in a very good place right now, so the perception that rates are going to go down anytime soon is a big mistake.
The content in this material was created for educational and informational purposes only and is not intended as an investment advice.
The opinions voiced in this material are for general information only and not intended to provide specific advice or recommendations for any individual.
The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
