Experts Warn Against Common Mortgage Advice
Real estate experts are cautioning homebuyers against two common pieces of mortgage advice: "Marry the house, date the rate" and waiting for lower interest rates before making a purchase. According to realty partners Mary Dykstra and Christina Pappas, these catchphrases often overlook the cost of refinancing and may not consider historical trends in interest rates. Homebuyers should carefully evaluate their financial readiness and payment capacity before committing to a mortgage.
- The risks of refinancing, including closing costs and potential delays, can be just as significant as the benefits of lowering the monthly rate.
- What role do long-term market expectations play in shaping the optimal strategy for homebuyers seeking to maximize equity and appreciation?