I want to move, but I have a great APR. What are my options?

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I bought my house a bit over two years ago for $475k. I refinanced during peak Covid and got my rate reduced. It's an FHA 30-year fixed rate mortgage locked in at 2.375%.

I work from home full-time now and, frankly, I'm wondering why I live in the city. I'd like to move across the country to Maine (from Portland, Oregon), but I'm not to keen on getting a new mortgage at 6.5% or whatever the new rate is currently. I can get so much more for my money out east.

I'm curious what my options are? I've been reading about mortgage porting, allowing you to essentially keep your current terms and move into a new property, but I just got off the phone with my lender and she doesn't think that's possible with an FHA loan. Damn, it seemed like such a great option...

I've also thought about getting a second mortgage and renting this house out. I make $155k/year, so I think I'd be able to afford a second mortgage if I'm able to rent out this one. But, I guess that's a whole thing, too, because I would need to rent out my house before I can get the second loan or at least have a lease signed?

Do I have any other options or will I just have to sell, get a new mortgage, and refinance once rates come back down?

I have about $50k that I could put down on a new home and another $200k in the bank that I'd rather not touch, if that opens up any additional avenues.

Posted Jan 4, 2023, 6:10 PM UTC

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