Date the Rate, Marry the House… What Does That Mean?
The buzz around the real estate market just keeps getting louder. Between home prices and interest rates, there’s definitely enough to talk about. The latest word on the street is this: Date the rate, marry the house… But what does that really mean?
Many home buyers have taken to the sidelines in hopes that interest rates will drop. That viewpoint is understandable, as any change in interest rates directly affects your monthly mortgage payment. But, many professionals in today’s market encourage buyers to avoid letting interest rates drive their overall decision on whether or not to buy a home today.
What some buyers are not considering is that committing to a new house today does not mean that you must commit to the interest rate forever. A home is typically a long-term purchase, while whatever rate you lock in today is something you can easily move on from by refinancing in the future. Think of locking in today’s interest rate when buying a new home as a stepping stone to getting potentially better financing down the road, but still getting to live in that dream home. In other words… Date the rate, marry the house!
In closing, here’s our advice: If you’ve found a home you love and are qualified for, don’t let it be the one that got away. Begin the pre-approval process with our team, lock down that home and keep an eye on interest rate trends moving forward. Six months after you close on your home, if rates improve you can look into refinancing to a lower rate. If interest rates continue to rise, you’ll be glad you “married” your home when you did. Call us today at 952-942-0110 or visit www.CambriaMortgage.com/Connect to get started! We’d be happy to help you tie the knot.