Selling Carolina

Do you agree with the phrase " Marry the house, date the rate"? What Does “Marry the House, Date the Rate” Mean?
It suggests that someone should buy a house at whatever mortgage rate is available with plans to refinance later.

Lets talk about this strategically?

A house and how you finance it are two different things. The loan is replaceable and the home is what is really important. YES, we do agree but at the end of the day they are a package deal.

People refinance all the time, to take advantage of the moving market. The National Association of Realtors reports that the average amount of time in a home is 13.2 years. People aren’t married to their mortgages like they are their homes. They have invested sweat equity into a home, made memories in a home a mortgage is a replaceable debit to homeowners.
During the Covid-19 pandemic, 42% of homeowners age 25 to 40 refinanced, says a LendingTree study.

While it is probably true, that you can refinance later, this is not a given. No one has a crystal ball to predict when and what amount mortgage rates will be tomorrow, next month, next year etc. It is important to have a monthly payment that allows you to live within your debit to income ratio. Jobs change, family situations change. If your financial situation were to significantly change, you might find yourself needing to divorce your house instead of refinancing.

At the end of the day you must balance both the home and the mortgage in todays economy not the future.

Reference guide:
https://www.nar.realtor/blogs/economists-outlook/how-long-do-homeowners-stay-in-their-homes

https://www.lendingtree.com/home/mortgage/refi-facts-and-myths-survey/ #:~:text=More%20than%204%20in%2010%20(42%25)%20of%20millennial%20homeowners,the%20same%20period%20%E2%80%94%2026%25.

Ashley Ewing Realty
Angelina Corroo Realty, Inc.
Molinaro Realty
www.SellingCarolina.com

Only 16 days left to finish off your Christmas shopping!!

Do you prefer to:
1. Shop in stores with the crowds?
2. Shop from the comfort of your home?

Molinaro Realty
Ashley Ewing Realty
Angelina Corroo Realty, Inc.
sellingcarolina.com

1. I have to go to work!
2. Shop till I drop in stores!
3. Shop on-line!
4. Stay in a Turkey coma!
5. Hit the gym!
6. Spend time with friends & family!

Angelina Corroo Realty, Inc.
Ashley Ewing Realty
Molinaro Realty