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9wild9 t1_iu9l5nv wrote

Are you aware of how interest rates have risen? We are looking at 7.5-8% at the moment and not going down anytime soon. Unless you plan to pay for your new house mostly in cash, I would be very hesitant to sell at this point in time.

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Revan995 OP t1_iu9lyk7 wrote

That's our exact fear. We were quoted at around 6.5% during pre-approval (which isn't much better). Meanwhile, we're paying 3.7% right now, so it has to be something we absolutely love for it to be worth it in our minds.

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9wild9 t1_iu9mi9e wrote

You won’t be getting 6.5% right now. Rates have risen like crazy the last 3 months.

Just be prepared for your mortgage payment to increase significantly if you try and buy/sell right now. Unless you’re selling a house for $400K and buying a new one for $200K or something.

The buy and sell combo worked pretty well during 2020/2021. Prices were high but interest rates were at historic lows so you could “upgrade” and come out even for the most part. But 2022 is a completely different ball game.

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GeeFLEXX t1_iua4q5i wrote

Jumbo loans with 35%+ down are 5.83% right now. Not great but certainly not 8%.

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9wild9 t1_iua642y wrote

So rich people? 😂

Not many “Mainers” are putting down 35% on a jumbo.

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mainlydank t1_iuazn65 wrote

anyones whos selling right now could feasibly do this, obviously no new home buyers can

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GeeFLEXX t1_iuaps4s wrote

With 20% down it’s 5.96%. That’s about $130K down for the cheapest jumbo loan, and many people selling their current house today will have that in equity.

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funky_kaleidoscope t1_iuat8mn wrote

Look into an adjustable rate mortgage. Depending on your credit score and down payment, you could be looking at a much lower initial rate for the first few years and then when fixed rates settle down again, you can refinance into a low fixed rate.

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