Should You Use Your Equity to Move Up?
October 21, 2019 | Bill
That is a very good question that we are seeing a lot lately now that the majority of Atlanta homeowners have substantial equity.
We have had several clients that have been able to sell their current home/condo, get something nicer, and pay off their mortgage years sooner than before with the same monthly payment!
There were a couple of factors at work here:
Rates have dropped significantly in the last 4 years. That and the rate on a 15-year mortgage is significantly lower than a 30-year mortgage.
Also, starter and mid-range homes/condos are getting top dollar as a seller’s market and the upper-price homes/condos are selling for less as in some of these price points it is a buyers market.
By selling their home and investing the equity in a home that better fits their current lifestyle plus changing to a fifteen-year mortgage the end result is being able to retire that debt 10 years faster. Early retirement looks likely too!
How can we ‘Deliver More’ for you? Reach out and let’s talk about your long term real estate goals and let’s see what makes the most sense for your specific needs. You might be truly surprised!