The Story of Mr. & Mrs. Downsizer
The Downsizer's were ready for a change.
After speaking with a licensed real estate professional, they felt confident that selling their current home could leave them with about $200,000 to put toward their next one.
Using that estimate—along with a monthly payment they felt comfortable with—they identified a price range for their next home. Everything seemed to be falling into place… until they hit a common roadblock.
The homes they loved wouldn’t accept offers contingent on selling their current home first.
It felt like they were stuck.
That’s when they spoke with a licensed mortgage loan originator and discovered another option.
They learned they might be able to purchase their next home before selling their current one—by putting as little as 5% down and covering closing costs from other available assets.
Even better, based on the program they discussed, they were told that once their current home sold, they could apply a lump sum (of $10,000 or more) to reduce the new loan balance and ask to have their payment recast—lowering their monthly payment for the long term.
Yes, the initial payment would be higher than they ultimately wanted—but only for a short period of time.
With a clearer path forward, they were able to act confidently, secure the home they wanted, and transition on their own terms.
And they lived happily ever after…
After speaking with a licensed real estate professional, they felt confident that selling their current home could leave them with about $200,000 to put toward their next one.
Using that estimate—along with a monthly payment they felt comfortable with—they identified a price range for their next home. Everything seemed to be falling into place… until they hit a common roadblock.
The homes they loved wouldn’t accept offers contingent on selling their current home first.
It felt like they were stuck.
That’s when they spoke with a licensed mortgage loan originator and discovered another option.
They learned they might be able to purchase their next home before selling their current one—by putting as little as 5% down and covering closing costs from other available assets.
Even better, based on the program they discussed, they were told that once their current home sold, they could apply a lump sum (of $10,000 or more) to reduce the new loan balance and ask to have their payment recast—lowering their monthly payment for the long term.
Yes, the initial payment would be higher than they ultimately wanted—but only for a short period of time.
With a clearer path forward, they were able to act confidently, secure the home they wanted, and transition on their own terms.
And they lived happily ever after…
- NOTE: The availability and procedure to do a payment recast can vary by program type, lender and more. If this is something you might be interested in doing, then you should be discussing it advance with a licensed mortgage loan originator.