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Marry the house, date the rate – What does it mean?

September 8, 2022

Marry the house, date the rate – What does it mean?

Interest rates are rapidly increasing, and if you are currently in the market for a new home, this can be intimidating, and may even cause you to wait until the “rates go down.” While everyone’s situation is different, many people will not have the option to wait. If you find the perfect home for you and your family, you shouldn’t miss out on the opportunity to purchase. This is we encourage you to marry the house, date the rate.’

Marry the House

There are many reasons why people buy homes. Whether you have a growing family, are looking to build equity, or are just tired of throwing money away in rent each month, when the time comes, a house is where most people want to be. With home prices increasing all throughout Florida and the United States, North Central Florida is a nice and relatively affordable place to buy a home. 

The median home price in Alachua county increased by 16% from April 2020 to April 2021 and increased 31% in Marion country since July 2021. With housing prices on the rise, many people cannot afford to wait until rates go down, and over time, what you save in interest rate you may lose in equity.

When looking to buy a house right now, buyers should be focusing on finding a home that they can see themselves living in for the next 10, 15, 20, or even 30 years. A house that you can grow into, build a family in, and possibly retire with is a house worth “marrying,” so to speak. 

rising interest rates - the mortgage firm

Date the Rate

From the graph above, we can see that rates are fickle. Even though many experts project additional rate hikes in the coming months, within a couple of years the rates could drop back down to levels resembling the post-2008 financial crisis. 

When you buy a house, you get what you pay for. Apart from major home renovations, that is going to be the house you live in for the foreseeable future. Mortgage rates, on the other hand, are not so permanent. 

Refinancing your mortgage is something almost every mortgage lender offers, including us at The Mortgage Firm North Central Florida. So the interest rate you receive when buying a home today is subject to change in the future when mortgage rates decrease.

If you want to understand more about the refinancing process, we have a refinance guide to help you better understand why, how, and when to refinance. Don’t let a higher interest rate stop you from marrying your ideal home.

marry the house - TMFNCF

Don’t Miss Out On the Perfect Home because of a Higher Rate

It’s completely reasonable to feel overwhelmed and discouraged by the recent rate hikes. That being said, we at the Mortgage Firm North Central Florida have been in the business for a long time, and we know how this market works. We have worked to refinance many people’s mortgages from the high rates from the late 2010s, save families money, reduce terms, and consolidate debt.

We operate in a growing market, and we hate to see families miss out on the home they are meant to ‘marry’ because of a temporary rate hike.