Beat the mortgage rate hike with social loans

Yesterday, the news broke that mortgage rates are on their way up, with average 30-year mortgage rates passing 4% for the first time since 2019.

As financial guru Erin Schultz noted, “Mortgage rates are now topping 4% for the first time since 2019. That means that a $500K house with a $400K mortgage could go from being $1,686 / month with a 30-year 3% fixed mortgage to $1,909 / month with a 30-year 4% fixed rate.”

The best way to beat the rate hike and reduce the overall interest you’ll pay over the span of your mortgage is by putting down a higher down payment.

The more money you put down, the less interest you’ll have to pay on loaned money. If you have 10% or more of your downpayment already saved up, try using HousePlant to crowdsource social loan offers (or gifts) from friends and family.

Social loans agreed upon on HousePlant are a one time, simple loan % instead of the rapid accrual of monthly mortgage loans, and best of all, that interest $ flows back to your community. It’s a win-win.

Create your Ask today!