My husband and I bought a $400K house in the DMV metro area in April 2021 with a 3.125% interest rate. For family reasons, we’re considering moving to Pennsylvania. With interest rates more than double when we bought, it feels like a loss to sell this coming Summer 2023 and buy a property with a terrible interest rate in Pennsylvania. Would you sell and buy? (Continued in comments)

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No. I would keep the house and rent something small and cheap in pennsylvania

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Rent out your house in the DMV!

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Are you interested in being a landlord?
If so, I say keep the property as a rental. Some options/thoughts -
1 - do a HELOC on current home now since you can only do them on your primary residence. Use this cash as down payment on new primary. Will result in high monthly payment on DMV house but you keep 3.125 rate
2 - don’t put 20% down on your new home. It’s not necessary. Refi when rates come down in a few (?) years
3 - hire a property manager. Yes it dips into your profits/cash flows but it is worth it, especially since you will not be nearby
4 - if you’re not interested in being a landlord, just sell when you are ready and buy a new home when you are ready. The stress of trying to time the market and/or be a landlord when you don’t want to be one is not worth the money you MAY save by selling/buying at the optimal time

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Consider porting your mortgage.

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Lol everyone is recommending porting to everyone bc they seem to be hearing about it for the first time without even researching it. This is not commonly possible at all especially in the US. Virtually no one can port a mortgage so this is moot

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Our friends in house flipping advised to sell ASAP because the market is cooling/going to dip instead of choosing to rent it out. Part of why they’re advising this is we wouldn’t have 20% down payment on another home in Pennsylvania if we didn’t sell the DMV property first. Should we put less than 20% on the Pennsylvania property (meaning pay PMI) and rent the Maryland property out? Or even rent the Maryland property out and become renters in Pennsylvania?

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There is no crash. If we all keep buying we can make the market go up

Rent out house in DMV, prices only going to keep going up as market gets more and more saturated. Own two houses in DC area and I’ve lived here over 25 years; rent them for the $$$. These houses won’t lose value, especially more so than the PA market.

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Rent or air bnb your home in the DMV and use that rent to pay a new mortgage in PA. You’ll break even as long as the rent on the PA home is slightly less than the rent you charge on the DMV home.

Are you buying an existing house or new construction? You could potentially assume the previous owners mortgage terms on an existing home.

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