Marry the House. Date the Rate.

I can’t take credit for the catchy phrase “Marry the house. Date the rate”. It’s being posted by mortgage professionals and real estate agents all over social media. What does this phrase mean?

It means that if you find a home you love and can afford, that you shouldn’t let the current interest rates prevent you from moving forward and buying it. A mortgage does not have to be long term, in fact most people refinance their homes several times as mortgage rates improve or should they need to take cash out from their equity. There is no limit as to how many times you can refinance your mortgage, however most lenders ask that you wait at least 6 mortgage payments as they are penalized by mortgage servicers when a loan is paid off early. And there are closing costs associated with a refinance as well.

As much as I appreciate this clever saying, I hope that folks keep in mind that they may be dating the interest rate longer than they’d like to. There’s no way to know when mortgage rates will level out or trend lower. I do not anticipate them dropping to the levels we experienced the past several years. In my opinion, we’ll be lucky to see rates below 5% anytime soon.

With that said, if you did lock in a rate today and mortgage rates continue to move higher, you’ll be glad you locked.

If you’re considering buying (or refinancing) a home located anywhere in Washington state, I would be honored to help you with your mortgage! Click here to take the first step!


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