If you are a new home buyer shopping for a house, you’ve probably heard someone say, “Marry the house, and date the rate” but what does it actually mean?
If you see a property, and you fall in love with it, whether it may be in the neighborhood of West Village, Chelsea, Gramercy Park, East Village, and Upper West Village in New York City, be committed to it and marry the home. The mortgage rate that you get today, as we know they have been at 6%, they have just come down to 5 and a half percent, and they expect to keep moving around. But, in a couple of years and if we do in fact go into a recession, the rate is going to drop. The economy, the government, has to lower the rate to create growth with the real estate market. Therefore, marry the home, not the mortgage rate. What you lock in today for a mortgage rate, you can change in a couple of years, but you are still able to get your dream home.
