Income Halved, $600K Home at Risk—Should I Sacrifice My 2.9% Mortgage Rate?

A homeowner finds himself in a financial bind after his income was slashed by almost half — and he’s now pondering a big move. They own a home valued at approximately $600,000, with around $330,000 still owed and an enviably low mortgage rate of 2.9%. With traditional credit‑options off the table (no HELOC, no second mortgage), the two main paths left are: sell the home (thus giving up that low rate) or refinance (entering a much higher rate around 6.5%). Selling could ease monthly expenses and allow relocation to a cheaper neighborhood, but would mean giving up one of the best interest rates available. On the flip side, refinancing at higher rate would raise monthly payments by $700–$800. Ultimately, the advice: hold off on making a hasty decision. With equity, employment (albeit reduced), and no large debt burdens cited, the preferable move may be to focus on improving income first — consider downsizing only as a last resort. #mortgagerate #housingdilemma #personalfinance #downsizingsale #SlimScan #GrowthStocks #CANSLIM