GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
it’s possible for you to read more about oureditorial guidelinesand our products and servicesreview methodology.
20 YearsHelping You Live Richer
Reviewedby Experts
Trusted byMillions of Readers
Call it higher interest rate-aphobia.
Whenmortgage rateshit all-time lows at the beginning of the decade, many American homeowners locked in historically sweet deals.
Rates aside, life moves on and pressures to buy something new may increase.
When you have a low rate for so long, it seems normal.
Even though its not normal.
Youre in Solid Financial Shape
Haggs top method for shedding worries about losing your low rates?
Nothing solves worries about higher rates quite like having your current house paid off.
If thats a ways off, you’re able to start with some financial basics.
Reluctance because of having a lower rate is a symptom of a bigger issue, Hagg said.
And that is, how are you doing financially?
Someone who is financially solid, who has an emergency fund … higher rates arent going to bother them.
She said a strong, adaptable plan is important.
Life is coming at you.
If you dont have a plan to deal with all of the financial Whack-A-Moles, youll be exhausted.
If your financial situation is markedly better than when you secured your current mortgage, even better.
Perhaps your family is growing, and your once-perfect three-bedroom house now feels cramped.
Or maybe youre an empty nester with extra rooms that sit unused and add unnecessary upkeep to your life.
If your homes value has increased significantly since you purchased it, you might have built up substantial equity.
Keep an eye on local real estate trends.
Clinging to a low rate may prevent you from embracing opportunities that lead to greater personal fulfillment.
And dont forget that interest rates may fluctuate in the future.
Refinancing options could present themselves and improve your rate on a new home in the future.
I see it as more of a contentment issue, Hagg said.
I dont see it as being about the rate.
See what you might afford.
More From GOBankingRates
Share This Article:
