In today's daunting housing market, where interest rates seem to climb higher each day, finding your dream home at an affordable price can feel like chasing a mirage. But what if there was a way to secure a mortgage rate that doesn't break the bank? Investigative reporter Bill Spencer reveals the secret that one family used to snag a 3% mortgage rate, and how you can do it too.
Meet Terry and Sarah Diamond, a hardworking couple from the Dallas area, who, like many, faced the challenge of soaring mortgage rates while hunting for their first home. Despite touring numerous properties, the high rates seemed to dash their hopes of finding a home that matched their dreams within their budget.
However, fate intervened, and the Diamonds stumbled upon their dream abode—a spacious haven boasting 4 bedrooms, 3 full baths, and a sprawling backyard—all nestled on a lush acre of land. The relief and joy were palpable when they closed the deal, as Sarah reminisces, "It was incredible... like a thousand-pound weight off our backs."
Their stroke of luck? An assumable mortgage, expertly navigated by their real estate agent, Chasatee Carbaugh of Regal Realtors in North Texas. With a mortgage rate of just 3.1%, significantly lower than the current average of 7%, the Diamonds found themselves in disbelief, as Terry recounts, "They think I'm lying... They are stunned."
So, what exactly is an assumable mortgage? In simple terms, it allows the homebuyer to take over the seller's mortgage at the same interest rate. This unique opportunity not only relieved the Diamonds' financial burden but also paved the way for substantial savings—over $2,000 a month, to be precise, and a staggering $400,000 over the loan's lifetime.
But the magic doesn't stop there. By focusing on homes purchased between 2017 and 2021, buyers can minimize their down payment, making homeownership more accessible than ever. For the Diamonds, this means enjoying the perks of homeownership without feeling financially strapped each month.
In a world where homeownership often feels out of reach for many, Terry and Sarah's story offers a glimmer of hope—a testament to the power of strategic planning and seizing the right opportunities. So, if you're ready to turn your homeownership dreams into reality, consider exploring assumable mortgages and unlock the door to affordable living in 2024 and beyond.