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Marry the House, Date the Rate

It’s a popular saying you’ve probably heard before – what does it mean? Well, taking a step back from interest rates, let’s keep our eye on the ball. Your objective is to find a home that meets your needs – has the location, features and price tag that meet your objectives as a buyer. When my client checks those boxes, I advise they buy the house – and make the interest rate a secondary consideration not a primary decision factor. The reason? Interest rates often have an inverse relationship with the housing market. You may be waiting for rates to drop, while housing prices are climbing. You can always refinance to take advantage of lower rates when they drop. Any lender worth his or her salt can run a quick breakeven to tell you how long you’d have to stay in the home to make a refi a viable option.

OK, OK, OK. Yes, your monthly mortgage payment is a reflection of your interest rate – I can hear it now. “Chris, I can’t afford the monthly payment until interest rates come down.” It’s true, of course, that higher rates will impact how far you can stretch your dollars to cover a monthly mortgage payment. That’s why it’s important that as you consider a realistic price range for your purchase that you think about both the cost of the home as well as the monthly payment you’re comfortable with.  Just remember, you can always refinance and get a different rate – but you won’t always be able to buy a certain house!

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Whether you're searching for a home or selling your current one, Chris will bring you peace of mind through 
the real estate journey.

When he’s not working, you’re likely to find Chris along one of the beautiful beaches 
in North or South Carolina. He enjoys Charlotte’s dynamic culinary scene as well – and happy to give recommendations on a favorite local brewery, wine bar or restaurant!

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