Posted in: darrelrussell.com edit
07 Jan 2009
I currently have a 4.875% 15 year fixed rate and I'm planning on moving across the country in the next year. Since interest rates have risen I don't think I can get such a good rate if I buy a house when I move. Are there any financial intruments or techniques I could use to some how take advantage of my low rate. I'm under the impression that I must immediately pay off this loan when I sell my house. Thanks!You are correct. You must pay off this loan. The buyer may be able to assume it, check you loan docs. If they can that could be a very good selling point for your home and you may be able to get them to pay you a premium for the low rate which you could turn around and use to buy down your next mortgage.
Good luck!Call the company that you have the loan with and ask if it is transferable to another property. It is a long shot but worth a try! If they can't help you then I would like an opportunity to help. Please call 877-Funds99 and ask for Dominic Moscato.
Thanks and have a great day!Your impression was absolutely right. The loan is attached to the house, not you. You just pay it. That loan must be paid off or assumed (assuming its assumable to the buyers of your property). The loan doesnt follow you. Its paid off, you cant take that rate with you.
You will get whatever rate they currently have when you buy your new property.
*sidenote* BY I think this is 3 days in a row I have given you a thumbs down. Why? Because your advice sucks, Second you are using this site to market yourself. If you are that desperate to get business, then clearly everybody knows you suck at what you do and they wont call you anyway. Just answer the questions. If you need this site to get business you SUCK at what you do. Find another job.That's an awesome rate.
The bank has absolutely no incentive to let you take the loan with you and when you signed loan documents it said if you sell we get re-paid.
DO NOT try and duplicate this rate with an option arm, interest only, loan on your next home.
May be tempting but your setting yourself for big trouble down the road if you don't stay in a FIXED RATE LOAN.
Hope this helps!
Terry S.
http://www.Welcome2Arizona.comUnfortunately, I don't think there's a way to take advantage of your previous interest rate. Wow, 4.875, that's amazing...=)