Nick purchased his home with a partner when interest rates were under 3%. Following their split, he needed to refinance in order to remove his former partner from the loan. Unfortunately, with loan rates much higher at the time, the once-affordable payment became unsustainable. Ultimately, he had to make the difficult decision to sell the home.

The Compass Concierge Loan program was a fantastic tool that allowed Nick to borrow up to $25,000 to complete the repairs and updates we felt would bring the most return on investment. With the Concierge Loan, you don’t have to repay the funds until closing, which is especially helpful when more than one person own the home, but one or more parties don’t have or want to contribute to the cost of preparing a home for sale. I coordinated the work of vendors to replace the carpet, paint the interior, stain the deck and stairs, remove a wood stove, and replace some light fixtures. We didn’t do everything possible, just the more influential projects.

By preparing the home well and pricing it competitively, he received a strong offer in less than a week.

If you ever face the challenge of refinancing only to find the new payment unaffordable, there are ways to navigate the situation. I’m here to guide you through the options—whether that means restructuring, selling, or planning your next move.