A couple who bought their first home in Philadelphia six years ago are moving to Narberth, but they do not plan on selling their old home due to being locked into low mortgage interest rates, writes Michaelle Bond for The Philadelphia Inquirer.

The pair were not planning on buyìng a new home so soon, but with a child who will be in school in a few years, they started casually looking at listings in the suburbs. Soon, a seller accepted their offer on a Narberth home that had everything they wanted.

Since the mortgage on their Philadelphia home had been refinanced to get a 2.5 percent interest rate, they decided against selling it and instead plan to rent it out.

They are currently busy doing some renovations on their new home in Montgomery County, but they hope to be able to rent their old house as soon as possible. The rent could potentially cover their mortgage, insurance, and taxes.

“It made financial sense to keep [the home,]” Trey Dodge, a Philadelphia-area Redfin principal agent who worked with the couple, said.

Read more about the couple in The Philadelphia Inquirer.

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