As CNNMoney reports low mortgage rates and rising rents make it profitable for homeowners to retain their former homes and become landlords, earning more than the expenses. Susan Young of Kansas refinanced her home at 3.25 percent with a 30-year fixed rate mortgage and bought another home. She receives several hundred dollars over and above monthly expenses and is using that to pay down her loan. “If the interest rate was high, I’d sell,” she said. “But this is such a perfect loan package, I just can’t bring myself to give it up.” When rates were below 3.4 percent between 2011 and 2013, Redfin reports 19 percent of homeowners either refinanced or purchased a home. While home prices remain 21 percent below their mid 2006 levels, MHProNews has learned rents have risen 20 percent since then, potentially helping those whose mortgages remain underwater and cannot profit from a sale to gain some financial footing. ##
