Can You Move and Keep Your 3% Mortgage Rate?

By Nick Kellar

Nick Kellar is a dedicated real estate consultant, investor, and community steward serving Baltimore and the surrounding areas.

Can you move and keep your low mortgage rate? Many homeowners are stuck in a similar situation, unable to make a move because they fear paying higher interest rates.

But there’s good news: a portable mortgage could allow you to take your low rate with you to your next home. This new concept could change how homeowners think about moving, providing a way to keep the benefits of your current mortgage.

Let’s take a closer look at how portable mortgages work and how they could help you make your next move easier.

What is mortgage portability, and how does it work? A portable mortgage is a financial tool that allows homeowners to transfer their existing mortgage, including the interest rate and loan terms, from one home to another. Usually, when you move to a new house, you need a new mortgage, which often means paying a higher interest rate.

With a portable mortgage, you can take your low rate with you, so your monthly payments stay the same even after you move. This can be especially helpful for homeowners who locked in a low rate years ago but are now facing higher market rates.

How could this impact you as a homeowner? For homeowners with a low-rate mortgage, the idea of moving without paying more could be a game-changer. Moving with a portable mortgage means you can downsize, upsize, or relocate without worrying about higher payments.

Additionally, this could increase housing supply because more homeowners would feel confident selling their homes if they can take their mortgage with them. This could help make homes more available to new buyers and ease the pressure on the housing market.

What are the downsides to consider? While portable mortgages offer flexibility, they come with challenges. They are not widely available in the U.S., and implementing them would require changes in the mortgage industry. Moreover, portable mortgages would only benefit homeowners with low current rates.

First-time buyers or those with higher rates wouldn’t be able to take advantage of this option. Though it offers great flexibility, it does not address issues such as housing price inflation or inventory shortages.

How portable mortgages can benefit you. Portable mortgages allow homeowners to keep their low rates when moving. This flexibility can be a huge benefit for people who feel locked into their homes due to a favorable mortgage rate. If you’re looking to relocate for work, family, or a new lifestyle, a portable mortgage can make that transition easier and more affordable.

Ready to move without losing your low mortgage rate? If you’re curious about how portable mortgages could work for you, give me a call at 443-375-2224 or email me at nick@storyline-homes.com. Let’s explore how this option can make your next move simpler and more affordable.