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Thought leadership series
Can you keep your 3% mortgage and still move to a bigger house? Here are 3 options to consider.
Do you have to give up your current 3% mortgage to get the bigger house? Not necessarily. Here are 3 options to consider. One option: rent your current home instead of selling it. If that 3% mortgage runs you $2,000 a month and the rental market in your area supports similar rent, you're holding a cash-flowing asset at a rate you might not see again. Then you finance the new place separately. You keep the rate. You get the house. Option 2: Build more equity before moving. If you need a bigger down payment, building that through savings may be smarter than cashing out the low rate mortgage, at least for now. Another option: build up instead of out. A well-planned renovation can add the square footage you need at a cost that, when you run the math against buying new at today's rates, actually makes sense. A lot of people never model that comparison. Before you decide anything, let's look at your actual numbers. Send me a DM or drop a comment and we'll talk through it. #MortgageStrategy #RealEstatePlanning #FinancialPlanning #HomeOwnership
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