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Should I buy a house today and refinance later?

I wanted to buy a house this spring, 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 | 989 views | Home Loans | 1 year ago
Answer(3)
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Chris Yochum

Dickson Realty

(19)

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.
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Semi-Pro
27 Answers
Josephine & Raj Sharma

Legacy Homes Realty

(134)

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.
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Rising Star
17 Answers
Jim Crawford

Better Homes and Gardens Real Estate

(34)

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

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