I feel like there are many folks who are “locked”into their current homes with great mortgage rates, myself included. The problem with that is the market isn’t moving at all and with crappy (respectively) prevailing rates, it won’t get any better.
I wonder if there was a way that people could move their existing loan amounts under the old rates to a new house and then pay the difference in prevailing rates?
As an example: $500k existing home. $300k mortgage at 3%.
Want to move to a $750k home. Move the $300k loan at 3% and take out another $250k at prevailing rates.
If the banks got behind that, could that even work?
I wonder if there was a way that people could move their existing loan amounts under the old rates to a new house and then pay the difference in prevailing rates?
As an example: $500k existing home. $300k mortgage at 3%.
Want to move to a $750k home. Move the $300k loan at 3% and take out another $250k at prevailing rates.
If the banks got behind that, could that even work?
