Feeling like you can't move because of a low interest rate? Here’s how to move without losing your advantage!

Feeling stuck because you have a low interest rate? Here’s how to move without losing your advantage!

Many homeowners in Champaign-Urbana and across Central Illinois are sitting on record-low mortgage rates and wondering,

“How can I possibly move when today’s rates are so much higher?”

If that’s you, you’re not alone, but here’s the good news: your low rate doesn’t have to keep you stuck! In fact, it can become a powerful asset when used strategically.

Whether you’re ready for more space in Savoy, dreaming of a quieter life in Mahomet, or thinking about downsizing in Champaign County, here are a few smart ways to move forward confidently, without giving up your low-rate advantage.

1. Turn Your Low Rate into an Investment Tool

Instead of selling, consider keeping your current home as a rental property.

• Your low mortgage rate means lower carrying costs.

• Rent can cover the mortgage and even create positive cash flow.

• You’ll continue building equity in your first home while purchasing your next one.

This strategy is especially popular for Central Illinois homeowners who want to build long-term wealth while maintaining roots in the Champaign-Urbana area. You’re not losing your low rate, you’re leveraging it!

2. Use Your Home Equity Wisely

Home values have risen significantly throughout Champaign County and nearby communities like Philo, St. Joseph, and Mahomet. That means your current property likely holds substantial equity.

• You can tap that equity with a HELOC (Home Equity Line of Credit) or cash-out refinance to fund the down payment on your next home.

• Or use it to reduce the size of your new mortgage, helping offset higher interest rates.

This approach lets you take advantage of your property’s appreciation while making your next move more affordable.

3. Explore Rate Buydown Options

Many sellers and builders in Central Illinois are now offering rate buydowns, incentives that temporarily lower your new loan’s interest rate.

• A common example is the 2-1 buydown, which gives you a lower payment for the first two years.

• When combined with your home equity, it can make moving much more attainable.

This can be a great option for buyers in Champaign, Urbana, or Savoy who want to ease into their next mortgage while still benefiting from favorable terms!

4. Think Beyond Interest Rates

While rates matter, so does your quality of life. If you need more space for a growing family, want to shorten your commute, or simply crave a new neighborhood vibe, that’s a value you can’t measure in percentages.

Your home should evolve with your life.
Whether it’s a move to a newer subdivision in Mahomet, a walkable neighborhood in Urbana, or a low-maintenance condo in Champaign, your next step should support the lifestyle you want.

Bottom Line

You’re not trapped by your low rate - you have options! With the right strategy, you can make your current mortgage work for you and still move forward confidently.

If you’d like to explore creative ways to make your next move in Champaign-Urbana or the surrounding Central Illinois area, The Gallivan Group at Keller Williams Realty is here to help you build a personalized plan that fits your goals and your budget! Reach out to us today and let us help you find the right solution for YOU!

👉 Contact The Gallivan Group