I HAVE A 2.9% MORTGAGE. AM I CRAZY TO MOVE?

If you bought or refinanced when mortgage rates were around 3%, you may feel like you won the mortgage lottery.

And now you’re thinking about moving.

The first thing that probably goes through your head is:

“Why would I ever give up my 2.9% mortgage?”

Fair question.

I wouldn’t tell anyone to give up a great mortgage just because they can afford another house.

The better question is:

What is staying in your current home giving you, and what is it keeping you from?

YOUR INTEREST RATE ISN’T THE ONLY NUMBER THAT MATTERS

A 2.9% mortgage is valuable.

But it doesn’t automatically mean staying is the right financial or lifestyle decision forever.

Maybe you bought the house before you had kids.

Maybe the kids are gone and you’re maintaining rooms you don’t use.

Maybe you want a bigger yard, a smaller yard, a pool, a golf community, a home office or a different commute.

Maybe you’ve built substantial equity and your financial picture looks completely different than it did when you bought the house.

Your mortgage rate matters.

So does your life.

START WITH THE COST OF STAYING

Most people immediately calculate what the new house will cost.

I also want to know what staying costs.

That doesn’t just mean dollars.

Does the current house need a major remodel?

Are you maintaining a pool or yard you no longer want?

Are you driving farther than you’d like?

Are you putting off something you really want because giving up that mortgage rate feels financially irresponsible?

Sometimes staying is absolutely the right answer.

But let’s make sure you’re choosing the house and not just the interest rate.

DON’T ASSUME RATES HAVE TO COME DOWN

I hear this all the time:

“We’ll move when mortgage rates come down.”

Maybe they will.

But none of us knows exactly when, how much or what home prices and competition will look like when they do.

I don’t think you should build a real estate decision around predicting interest rates.

Instead, I prefer to ask:

Can this move make sense with today’s numbers?

If the answer is no, that’s useful information.

If the answer is yes, then a future opportunity to refinance could be a bonus, not something the entire decision depends on.

YOUR EQUITY CHANGES THE MATH

Many East Valley homeowners who bought years ago aren’t starting from zero.

They may have significant equity in their current home.

That creates options.

Depending on your situation, proceeds from a sale could allow you to make a larger down payment, reduce the amount financed or structure the next purchase differently.

That’s why comparing interest rates alone doesn’t tell the whole story.

We need to compare the entire financial picture.

SOMETIMES THE ANSWER IS: STAY PUT

Yes, a REALTOR® just said that.

If we look at your equity, your current payment, what you’d need to spend to move and what you’d actually gain from the next house, staying may make perfect sense.

That’s okay.

My job isn’t to convince you to move.

My job is to help you understand the options well enough to decide whether moving improves your life enough to justify the financial change.

BUT DON’T LET A GREAT MORTGAGE OWN YOU

A low mortgage rate is an asset.

It shouldn’t automatically become a life sentence.

If your current home still works for you and you love it, fantastic.

If it doesn’t, let’s at least run the numbers before assuming you’re stuck.

Sometimes the smartest decision is staying.

Sometimes it’s moving.

And sometimes you just need someone to put both options on paper so you can finally see the difference.

THINKING ABOUT MOVING IN THE EAST VALLEY?

If you own a home in Chandler, Gilbert, Mesa, Tempe, Queen Creek, Ahwatukee or San Tan Valley and you’re wondering whether giving up your low mortgage rate makes sense, let’s look at the whole picture.

No pressure to sell. No prediction about where rates are headed.

Just the numbers, the options and what each choice means for you.

Jill Hamilton, REALTOR® | West USA Realty
Let me do the work for you.