“Life holds a special magic for those who dare to dream.” Anonymous
This week homeowners and homebuyers saw home values continue to rise, and the mortgage rates dipped down for the first time since January. The seemingly unattainable dream of renovating your home to be your castle or restructuring your debt so you can retire suddenly became possible like the wave of a magical wand.
Mortgage rates dipped about 5% this week for the first time since January 2021. Home values increased 15.6% year-over-year. The mortgage that the aspiring homebuyer could not afford last week suddenly became affordable this week
The Collinger’s dream of getting their children through college, and retiring within the next ten years seemed impossible. This week, their home hit the highest value they had ever seen. At the same time, mortgage rates dipped back down from their recent climb. Restructuring the other debt with a cash-out refinance with the high home value and low fixed rate, the Collinger’s could now do what they never imagined they could—get their older kids through college and set their sights on retiring in less than ten years.
The Dennison’s dreamed of remodeling their home and opening up the kitchen and living room space, installing a gunite swimming pool, and converting the back patio area to a bar-b-que station to spend more quality time with friends and family. They had attempted to get financing to achieve this dream over the years, but the home value was never enough, and the mortgage payment was always too high. But, today, with a swish of the magic wand, all of these dreams, the Dennison’s are making a reality.
If you have not explored selling your home and moving up, the low mortgage rate makes this step up much more affordable than you think-even with the higher price on the move-up home.
In 2018 the Mueller’s explored selling their home and buying a bigger, more expensive home. The payment buying the bigger, better home would have cost them $800 more per month on a mortgage—insanely out of reach. But, selling at the higher price now and locking in a much lower mortgage rate landed them their castle and only costs about $300 more per month. Rising home value and the bottom bumping fixed mortgage rate was like the flick of the magic wand, and, viola’, they were in the beautiful dream home.
What do YOU want to accomplish with YOUR mortgage? Make Your Plan. Work Your Plan. If the deal works for you today, let’s do it today. Let’s explore YOUR mortgage options.
Connect with Jo Garner at www.JoGarner.com
