Credit to Dave Ramsey for the quote: “Marry the house, date the rate.”
It’s a catchy line, but there’s serious financial wisdom behind it—especially in a market with higher interest rates.
Buy Based on Your Budget, Not Hype
Let’s be clear—you should never buy a home you can’t afford, no matter what the market is doing. Rising interest rates mean your monthly payment goes up, and yes, that may reduce how much home you can comfortably purchase.
But that doesn’t mean you should hit pause on your goals.
If you’ve run the numbers, understand your monthly payment, and are financially ready—waiting for the “perfect rate” might actually cost you more in the long run.
Here’s Why Waiting Can Backfire:
- Home prices may continue to rise—even slowly—while you wait.
- Rates may not drop significantly anytime soon (and if they do, you’ll likely face more buyer competition).
- Rent is still money out the door, with zero return or equity.
- The right home may not be available when rates drop, and you’re back to square one.
If the projected rental income can cover the mortgage and expenses, you may be able to qualify—without needing perfect credit or a large down payment.
In short: DSCR loans make it more accessible to purchase a rental property by letting the property qualify for the loan, not just you.
Every action has a reaction
It's important to remember that a change in one aspect of the market generally causes a reaction in another part. For example, if rates drop, home prices may rise.
A Home is a Long-Term Investment—Rates Are Not
When you find a home that makes sense for your lifestyle and your finances—that’s a smart buy.
- You’re locking in a home you love.
- You’re building equity.
- And if interest rates fall later? You refinance.
Think of your interest rate like a short-term rental. If something better becomes available, you move. The house is the long-term commitment—just make sure it fits your long-term financial plan.
What Makes a Smart Purchase in This Market?
Here’s what I recommend to every client:
- Know your numbers. Understand what you can afford comfortably, including property taxes, insurance, and maintenance.
- Buy below your top budget. Give yourself room to breathe, even if rates are higher.
- Focus on lifestyle and location. A home that fits your life today—and still works for your future—is more valuable than a slightly lower monthly payment.
- Stay flexible. The market will change. Refinancing is always an option.
Speak with a lender
Understand your buying power, your budget, and available financing options. Let me connect you with a seasoned lender to discuss.
You Don’t Need to Wait—You Just Need to Be Smart
If you’re financially ready, and you find a home that fits your life and your budget, that’s not just a good emotional decision—it’s a good financial one.
Waiting for interest rates to drop might feel safer, but it could mean missing opportunities and watching prices—and competition—go up.
Marry the house. Date the rate. Just make sure the house is one you can live in and afford long-term.
Need Help Making a Smart Plan? Let’s Talk.
I help buyers make clear, confident, financially smart decisions—not just emotional ones. If you’re thinking about buying but unsure if now is the right time, let’s run the numbers and build a plan that fits your goals.
Reach out today to schedule a no-pressure homebuying strategy session.
