Real Estate Experts Tell Homebuyers To Avoid 2 Common Pieces of Mortgage Advice
Written by
Chris Adam
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Jenna Klaverweiden
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You’ve probably heard the homebuying piece of advice “Marry the house, date the rate.” It’s meant to suggest that homebuyers commit to a house, like a marriage, and treat the mortgage rate as something temporary.
Mary Dykstra, partner and owner of MKB Realtors in Virginia, said catchphrases like that rarely tell the whole story. Here’s a look at what some real estate experts said about this phrase and another common piece of advice that may be worth avoiding.
Also see what experts need you to know if you’re buying a house in 2025.
Marry the House, Date the Rate
One problem with the “Marry the house, date the rate” piece of advice is that it ignores the cost of refinancing. According to LendingTree, refinancing a mortgage can cost between 2% and 6% of the loan amount.
“It is also important for homebuyers to realize that refinancing comes with a cost that may not make sense if they only plan to be in their home a few more years,” Dykstra said. “So, in the end, marry the house, but realize the rate is like your live-in uncle — sometimes you just can’t get rid of him!”
LendingTree illuminated this point with an example. If a refinance costs $5,000 and it can save you $200 per month, you’d need to stay in the home for 25 months for the refinance to be worth it, as the closing costs divided by the monthly savings equals 25.
Wait on Lower Rates
Homebuyers might also hear advice about waiting for rates to come down before jumping into homeownership.
Per Dykstra, although today’s rates may seem high, historically they’ve been much higher. “The ‘free money’ rates of the pandemic era may never come again,” Dykstra said.
In a recent article, money expert Rachel Cruze explained that high interest rates shouldn’t stop you from buying a house if you’re financially ready to do so. According to Dykstra, it’s good for buyers to confirm they’re able to qualify for the house and comfortable with the payment.
“Squeaking into a payment is like buying a too-small pair of shoes and hoping your feet shrink to fit,” Dykstra said. “This is of particular concern if buyers are looking at a buydown or adjustable-rate mortgage.”
Plus, waiting on lower rates to buy a home could hamper equity and appreciation. Christina Pappas, Realtor, broker and president of The Keyes Company in Miami, said that in Florida, many people have waited three years for interest rates to drop while homes continue to appreciate anywhere from 3% to 10% per year.
She explained that some people there say they wished they wouldn’t have waited to buy, as they missed out on that appreciation.
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