, Columnist
Mortgage Lenders Are Selling Homebuyers a Lie
“Buy now, refinance later” isn’t good advice.
Cute house, but what’s the rate?
Photographer: BloombergThis article is for subscribers only.
“Marry the house, date the rate.” That’s the advice realtors and mortgage lenders are giving worried homebuyers as mortgage rates reapproach the two-decade high of 7% reached in November. In other words, don’t be afraid to commit to the house you love, because you can just refinance when rates come down in the next couple of years.
But frankly, it’s bad advice. New homeowners may come to find they’re in a longer-term relationship with today’s rate than they expected.