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Should I buy a house today and refinance later?
I wanted to buy a house, but I don't know if I should with the mortgage rates being so high. But is it better to buy a house now and then try to refinance later when the rates go down?
Asked By Matt | Des Moines, IA | 1807 views | Home Loans | Updated 3 weeks ago
Answer(4)
Amanda Courtney
REP Realty Group
This is a common strategy. Many buyers choose to buy now so they do not miss out on a home they love, then refinance if rates drop later. Just make sure the monthly payment you start with is still comfortable.
- 1 week ago
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Chris Yochum
Dickson Realty
If your buying to live in your home long term than it usually always makes sense to purchase rather than rent. If your buying to live in short term, then the market could go up or down by the time you go to sell and can be very risky. Historically the market goes up over time. So depending on if you plan to stay in your home for a long time on not would be a big deciding factor.
- 2 years ago
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Josephine & Raj Sharma
Legacy Homes Realty
It is important to speak with a professional financial advisor or mortgage lender who can provide personalized guidance based on your financial situation, goals, and current market conditions.
That being said, it is important to consider the current mortgage rates and how they may impact your ability to afford a home. While waiting for rates to go down may seem like a good strategy, there is no guarantee that they will decrease, and they could also rise even higher.
Additionally, refinancing a mortgage later may involve additional fees and closing costs, so it is important to factor those costs into your decision as well. Ultimately, the decision to buy a house should be based on a variety of factors beyond just mortgage rates, including your current financial situation, long-term goals, and personal preferences.
That being said, it is important to consider the current mortgage rates and how they may impact your ability to afford a home. While waiting for rates to go down may seem like a good strategy, there is no guarantee that they will decrease, and they could also rise even higher.
Additionally, refinancing a mortgage later may involve additional fees and closing costs, so it is important to factor those costs into your decision as well. Ultimately, the decision to buy a house should be based on a variety of factors beyond just mortgage rates, including your current financial situation, long-term goals, and personal preferences.
- 2 years ago
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Jim Crawford
Better Homes and Gardens Real Estate
There are costs associated with buying now and with waiting...I would definitely recommend talking with a local agent that knows your market and can help you with an educated guess at the future. Here is an article that may help. https://bit.ly/3J5cPVu
- 2 years ago
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