Sandi Renteria Real Estate Agent

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Did you buy your home when interest rates were at a sweet 2-3%? That’s awesome! 👏 But it doesn’t mean you’re stuck forever!

If your current home no longer fits your needs, don’t let fear of higher interest rates hold you back.

Here are some ideas:

✔️ If you’re in a good financial position, consider turning your current home into a rental or Airbnb. This way, you keep your low rate, have tenants or guests pay down your mortgage, and can buy a new home that suits your current lifestyle better.

✔️ You might qualify for a better interest rate than you think! Options include using a 2:1 buydown, buying new construction with offered low rates, or qualifying for special programs or loan types.

PRO TIP: Explore bridge loans so you can close on a new home while your current one sells. Want to know what’s available? DM me!

✔️ Target Relocation Buyers:

Market your home to people relocating from areas with higher real estate costs, as they may find your home more affordable even with higher rates.

Considering selling soon? Smart planning starts now. Comment “SELL” below, and I’ll send you an invite to a FREE Zoom consultation where you’ll learn how to navigate current market challenges and avoid costly mistakes!

Follow → Sandi Edmundson Renteria for your daily real estate tips.

You’re just three simple steps away from saving $100K on your mortgage 👇

1️⃣ Don’t Settle for Just One Lender!
Shopping around can save you thousands! By comparing rates and fees from multiple lenders, you could save an average of $60,000 over the life of your loan.*

-> Comparing a 6.49% vs. 6.24% rate on a $380K loan saves ~$52/month, totaling $18,720. When you add lower fees, savings can reach $60,000.

2️⃣ Make Biweekly Payments Instead of Monthly!
This easy switch can help you make an extra payment each year without even noticing—leading to about $100,000 in savings over a 30-year mortgage.**

–> Ex: Paying $1,190 biweekly instead of $2,380 monthly on a 6.49% loan saves ~$100,000 in interest over 30 years.

(Check with your lender to see if this option is available.)

3️⃣ Explore Different Loan Options!
Consider adjustable-rate mortgages (ARMs) which often start with lower rates. Currently, the average rate for a 30-year fixed mortgage is 6.49%, while 5/1 ARMs are around 6.15%. That difference could potentially save you $40,000 or more!**

–> Starting with a 6.15% ARM vs. 6.49% fixed rate saves ~$84/month, totaling $5,040 over 5 years, with potential lifetime savings of $40,000+.

*Calculations based on a $400,000 home with a 5% down payment and typical rates as of August 2024.

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Follow → Sandi Edmundson Renteria for your daily real estate tips!