If you're currently holding a mortgage with what feels like a relatively low interest rate by Jamaican standards, you might be wondering if it makes any sense to move. After all, with average mortgage rates often ranging between 7.5% and 12.5%, walking away from a lower rate can seem almost unthinkable. You may find yourself saying:
“Why would I move and give that up?”
That’s a fair question. But let’s dig deeper.
When we focus only on the mortgage rate, we can unintentionally overlook the bigger picture. Because truthfully, most people don’t move solely because of interest rates. They move because life changes — and the home that once suited their needs no longer does.
So let’s reframe the question.
A Better Question: Will This House Still Serve You in 5 Years?
Let’s take a moment to consider your life — not just today, but a few years down the road.
Are you thinking about starting a family?
Do you have teens about to head off to university?
Is your retirement approaching?
Are you running a bu…
