But we have a house with 7 arm. What are the implications we should think about. Can't sell it right now.
But what about refinancing at end of 7 years? Can we get that done?
You can refinance now as well
Why can’t you sell?
Why moving back? If you will come back in a couple of years, you can just rent it.
Can't come back on h1b
Why can’t you come back on H-1B ?
What’s the reason to move back ?
We want to be in our own country
That literally doesnt make any sense. If you already wanted why did you even buy ? Or is it because of the orangutan
Rates are going nowhere but up. If you can’t sell, refinance into a fixed rate loan ASAP. If you can’t afford payment on a fixed loan and you can’t afford to sell, it’s only going to get worse. You will need to rent it out at a high enough price to cover your expenses or you will increase your debt more each month.
I would suggest to sell if you don't have plans to come back.
Maybe you should share your whole picture. It’s hard to give advice but you just say you can’t sell.
Can you keep paying the mortgage - rent? How many years left on your 7? What is the reason you can't sell now - plans to come back, or you want to wait for appreciation, or don't want to pay taxes on the gains? If you can cover the mortgage, and don't need the money for, say 3 years (may be 2 would be enough, but it is better to be conservative), it may pay off in terms of appreciation.
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Rent it through some management company