Did you know that homeowners who snagged that incredible, below 3% mortgage rate are now stumbling into accidental landlord territory? It's a common story: homeowners prior to 2020 refinanced and locked in that super-low interest rate. Now they find themselves feeling stuck - they want to move on but don't want to give up the great deal on their current property! But would qualifying for a new property even be possible while holding on to their current home?
Little known fact: There are mortgage programs that let you use 75% of the rental income from your first property to qualify for your next one! So, if you're considering this exciting path, make sure to chat with a loan officer and explore the loan programs available to you. And hey, we're here to help you too! Give us a call, and let's find out how much your home can rent for.
Interested in hearing more? We just posted a video on our instagram going further into this topic. Click the button below to watch!
