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Pros and cons of buying with high rates

Jane Kepley

Special to the Village News

"Marry the house, date the rate" is a common phrase in the housing industry, especially since mortgage rates have risen throughout 2023. But it's not just a phrase; it's a strategy too.

It's simple: Focus on finding your dream home – the one you want to live in for the long haul – and treat today's higher rates as a temporary path to get there. Then, you can commit to refinancing once interest rates drop.

While this is a logical approach for some homebuyers, it's not the right move for everyone. Consider these pros and cons before using the strategy.


Typically, the biggest advantage of the "marry the house, date the rate" approach is that you get to buy the home you want now instead of waiting months or even years for rates to drop. If you're ready to settle down, this might be the only goal that matters.

You may also see less competition from other buyers (due to higher interest rates), and becoming a homeowner sooner will help you start building equity in the home.


One of the main downsides is that you don't know when rates will drop, so you could be stuck with your higher rate (and payment) for a while.

And refinancing isn't free. The average cost to refinance is about $2,375 plus taxes – usually 2% to 5% of the loan principal, like closing costs. If there's any chance you may not stay in the home long term, it might not feel worth it.

If you're ready to find your dream home – or if you need help deciding if now's the right time to buy – reach out to Jane Kepley with CR Properties at 760-622-0204 or [email protected].


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