Locked in at 3%? Run the real math.
Most people with a low rate assume moving up is off the table. Sometimes it is. Sometimes your credit cards are costing more than the rate difference. Find out in two minutes.
Three ways it can go.
- Stay put. Keep the low rate, keep paying the cards and car on their own schedule.
- Sell, clear the debt, move up. Your equity pays off the high-interest debt at closing, and the rest goes down on the bigger home at today's rate.
- Keep your rate, move the debt. A home equity line pays off the cards and you stay in the house. Often the cheapest monthly option if you don't truly need more space.
Carly shows all three, including the one where she doesn't get a listing. That's the point.
Run my numbers
What to have handy.
Your mortgage statement
Balance, rate and years left.
Your debt balances
Cards, car, personal loans, with their payments.
A target price
Roughly what the next home costs. Carly can help.
A lender quote
Or use today's typical rate as a placeholder.
Moving-up questions.
Honest answers, including the ones that don't end in a sale.
Should I give up my 3% mortgage to move up?
Sometimes. A low rate is valuable, but it isn't the only rate you pay. If you also carry credit cards near 25% and a car loan, the average rate on everything you owe can be well above 3%. Carly's move-up calculator compares staying put, moving up with the debt paid off at closing, and keeping your rate while moving the debt to a home equity line, so you can see which one actually saves money.
Can I pay off credit cards with my equity when I sell?
Yes. When your home sells, the title company pays off your mortgage and you receive the remaining proceeds. You can use part of that to clear consumer debt before you buy, which lowers your monthly obligations and can help your next loan approval. A loan officer should confirm how your lender wants it handled.
Do I have to sell my home before I buy the next one?
Not always. Options include a contingent offer, a bridge loan, a buy-before-you-sell program, or timing two closings close together. Which one works depends on your equity, the market and the seller. Carly plans the order of operations with you and your lender.
Is it smarter to keep my low rate and use a HELOC?
Often, if the goal is only to get out of high-interest debt. A home equity line on top of a low-rate mortgage can cut monthly payments without the costs of selling and buying. Moving up makes more sense when you genuinely need a different home. The calculator shows both.
What does buying a bigger home at today's rates really cost?
It depends on your equity, debts and the price jump. Per month, clearing credit card and car payments can offset much of a higher rate. Over 10 years, stretching short-term debt across a 30-year loan usually means more total interest. Carly's calculator shows both numbers.
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Bring your numbers. Leave with a plan.
A 20-minute call about your home's value, your debt, and whether moving up actually works. If it doesn't, you'll hear that too.