I have a beautiful new listing that went live last week! 4747 A Pkwy, Sacramento, CA 95823If you know someone with a budget under $450,000, send them my way. This property is ready to move in right away. Last week we discussed the 50yr mortgage. It's a bad idea. This week I'll make you aware of the other idea being floated around, mortgage portability. Simply, someone decides to sell their home and buy a new place, but they are able to keep their old loan rate. Sounds good right? Admittedly, I don't know the answer. Mortgage portability happens in places like Canada and the UK because they have loan terms no longer than 5 years. The US has the 30yr term, so it's unclear how this could be feasible, likely much more complex. Lending is primarily funded by MBS (mortgage backed securities), and the loans are tied to an individual property. So, moving loan terms to a completely different property seems...messy. I'll need to do much more research on this idea, but only if it even becomes a thing. Right now it is just an idea, and it is an idea that would literally take an act of Congress to approve. In other words, I'll talk to you about this again in 2028. I just wanted to plant the seed since affordability and housing is such a big deal. See you next week! |
