So, being under water doesn’t concern me. My mortgage is also cheaper than what I’m paying for rent, so when I do move up, I’ll just rent this place out.
You seem to forget one thing: if mortgage rate goes up & home prices go down & you lose equity, the lender will require you to have 30% equity in your current house before lending you money to buy another house. Or, you’ll need to have the income to cover the payment on both houses.
