Seller credits and buydowns
A seller may agree to cover part of your closing costs or pay for a temporary buydown that lowers your rate for the first year or two. In a balanced market, it can be part of the negotiation.
For New Hampshire homeowners with a low-rate mortgage
3% mortgage: stay, sell, or rent it out?
A low rate is one of the most valuable things you own, and it makes moving feel expensive. Put in your own numbers and see three paths next to each other: what each costs per month, how much cash it takes to close, and where your equity stands five years out.
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What your rate is worth
—/month
Loading the example numbers…
Your numbers
The fields start with example numbers for a typical southern New Hampshire move. They are illustrations, not quotes. Round figures are fine.
Three paths
Every figure is an estimate built from the numbers above. Monthly costs include taxes and insurance.
What this shows
Questions to bring to your lender
A calculator can frame the decision. A lender's answers to these settle it.
- If I keep my current home as a rental, how much of the rent will you count as income, and what do you need to see: a signed lease, an appraiser's rent schedule, or tax returns?
- How much do I need for closing costs, and how many months of reserves do you require when I own two properties?
- Can a HELOC on my current home fund the down payment, and how does that payment change my debt-to-income ratio?
- What would a seller credit or a temporary rate buydown do to my payment and my total cost?
- If rates drop later, what would a refinance cost, and how many months until it pays for itself?
- Does buying before I sell change which loan programs or rates I qualify for?
Levers worth asking about
None of these is right for everyone. Each is worth a direct question to your lender, and to your CPA where taxes are involved.
Builder incentives
On new construction, builders sometimes pay for a lower rate through their preferred lender. Compare the incentive to the price and to an outside quote before you count on it.
A HELOC on the home you have
A home equity line can supply a down payment while your low-rate first mortgage stays untouched. It adds a payment, usually at a variable rate, so plan for it in your budget.
Buy first, refinance later
Buy the home that fits your life now and treat a later refinance as an option, not a promise. It only pays off if rates fall far enough to cover the cost of refinancing.
Keep the old home as a rental
Lenders typically want a lease or a rent estimate from the appraisal before they count the income. Being a landlord also brings repairs, vacancies, insurance changes and taxes. Talk to a CPA before you commit.
Want the real numbers instead of estimates?
Christina can run this with your actual loan balance, a current quote from a lender, and a realistic rent for your home in today's New Hampshire market. Book a time, or use "Copy my numbers" above and paste them into an email to cmarmonti@kw.com. You can also call +1(978) 482-6059.
Christina Marmonti
REALTOR®
Marmonti Real Estate, Powered by Keller Williams Gateway Realty
- Phone +1(978) 482-6059
- Email cmarmonti@kw.com
- Office 20 Trafalgar Sq, Nashua, NH 03063-1973, USA
- License NH 075059 MA 9568327
- Web christinamarmonti.com (opens in a new tab)
Equal Housing Opportunity.