Are you waiting for interest rates to drop? Find out why you don’t have to – Date the Rate, Marry The Home

If you’ve been thinking about buying a home but are concerned about the current high interest rates, don’t let that be a barrier. Consider this: Buy the house now and refinance later.

Interest rates are always fluctuating, and eventually, they will go down again. That means that when they do, you can refinance your mortgage which can save you a lot of money in the long run. What’s more, if you lock in a low rate now, you can protect yourself from any potential rate hikes down the road.

When it comes to refinancing, there are a few things to consider. FHA loans and conventional loans may have different requirements for refinancing, so make sure to do your research. The current loan must meet specific criteria before it can be refinanced, and the cost of refinancing might be higher than you think—so be sure to factor in every cost.

It’s also important to keep an eye on when you can get the best rates. Refinancing may not always be the best option immediately after buying a home. In some cases, it might be best to wait for a few months to see if interest rates drop even lower. By doing this, you can ensure that your refinance will get you the best return in the long run.

Ultimately, there is no one-size-fits-all answer when it comes to deciding when to refinance. It’s important to consult with a qualified financial advisor to determine what’s best for your individual situation. But keep in mind: buying the house now and refinancing later may be a great option for many home buyers looking to save on their future mortgage costs.

Nick Campbell, REALTOR®
304-590-3002