WORDS I LIKE — Control matters more than forecasts
You've probably seen the claims.
Take your rate with you to your next house.
A bill got introduced. A regulator is watching.
That part's true.
Here's the part that isn't as simple as it sounds.
Here's The Part Most People Miss.
A portable mortgage would let you move your current rate, term, and balance to your next house. No new loan. No new closing.
Rep. Tom Kean introduced a bill for it this month — the MOVE Act. It would require Fannie Mae and Freddie Mac to buy these loans. FHFA — the regulator overseeing Fannie and Freddie — is evaluating it too, one of three ideas still in that stage.
Here's the math most people miss. Say you owe $250K at 3.5%, and the next house costs $550K more. That extra amount finances at today's rate, and the two blend into one new rate. It's not your down payment either — you still need real equity to close.
Portability mainly helps people who already have a low rate — not first-time buyers priced out today. Denver's numbers show that friction: new listings fell 5.32% last month, and inventory is trailing last year's pace.
Worth watching. Not worth banking on.
THIS WEEK'S TAKEAWAY
If you're waiting on portable mortgages to solve your next move, don't. Make your decision on what's true today.
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PS
If you're sitting on a rate you'd hate to lose, reply “rate” and I'll flag anything that changes.
Source: Rep. Tom Kean's office — kean.house.gov
No spam. No sales pitches. Just clarity.
— Neil Christiansen, Certified Mortgage Advisor
