When it comes to buying a home, the mortgage interest rate is a crucial factor to consider. However, for some families, the desire for a better quality of life outweighs the importance of a low mortgage rate. Three families recently shared their stories of giving up low mortgage rates to purchase new homes that better fit their needs.
Buying a House for the Commute
Rayne and Bob DeVivo, a couple from Illinois, decided to sell their rural home and move to a smaller house in the city to reduce their commute time. They traded their 2.88% mortgage rate for a 6.12% rate, but the benefits of their new location far outweigh the increased mortgage payment. Their new home is closer to their sons’ school, and they have more time to spend with their family.
Buying a House to Put Down Roots
Aarani and Edmund Montanari, a couple from California, moved to Massachusetts to be closer to Edmund’s family and to provide a better education for their children. They sold their condominium with a 3% mortgage rate and purchased a new home with a 5.88% rate. Although the higher mortgage rate was a significant increase, the couple believes that the benefits of their new home, including a good school district and a larger living space, make it worth the extra cost.
Buying a House for the Military
Abby and Joe Groeschel, a military family, have had to relocate several times due to Joe’s assignments. They have learned to prioritize their quality of life over low mortgage rates. The couple recently purchased a new home in Kansas with a 6.25% mortgage rate, which is higher than their previous rate of 3.13%. However, they believe that the benefits of their new home, including a shorter commute and a more desirable location, make it worth the increased mortgage payment.
These families’ experiences demonstrate that while a low mortgage rate is important, it is not the only factor to consider when buying a home. Sometimes, the benefits of a new location, a better quality of life, or a more desirable living situation can outweigh the costs of a higher mortgage rate.
Original reporting: Texarkana Gazette — read the source article.
