Is there any way to keep my current mortgage rate when upgrading to a new home?

This may be wishful thinking… I bought my first home two years ago with a mortgage rate under 4%. I am looking upgrade with the purchase of a new home and sell my current home within the next two years. With mortgage rates rising is there anyway I can maintain my current mortgage rate on the purchase of a new home?

By | 2013-08-26T11:19:56+00:00 August 26th, 2013|Mortgages Home Loans Interest Rate|3 Comments

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3 Comments

  1. Home Loan Guru August 26, 2013 at 1:18 PM - Reply

    Hi James,

    Unfortunately, if you purchase a new mortgage, you’ll get a new rate. There’s no way to transfer your rate to a new house.The good news is that rates are still historically low! If you’re planning on moving to a new home soon, consider talking to a banker about your options so you can take advantage of the current low rates.

  2. reenzz August 26, 2013 at 12:52 PM - Reply

    No. New mortgage…new rate.

  3. Ryan M August 26, 2013 at 12:07 PM - Reply

    You might get lucky and qualify for the lower rate, but there is no way to guarantee it. Lenders aren’t going to leave income on the table.

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