Marry the Home, Date the Rate.

As interest rates skyrocket, it is important to keep buyers focused on their long-term goals. Many would-be home buyers are simply afraid of today’s mortgage interest rates and are deterred from looking for their dream home. They might think that buying a home with a 30-year fixed mortgage will stay with them forever. While, yes, a fixed rate is just that—fixed—and will remain the same until the note is due, but that does not mean a homeowner has to keep that same loan with that high-interest rate forever. No, they can refinance when the rates inevitably go back down to a more reasonable level. History has shown that with previous inflationary times, eventually the economy will right itself and rates will go back down. And when the rates do go back down, this is the time to ditch that old high-interest rate for a more attractive one.

A dream home, however, is something to hold onto. A home is an investment, provides security, and is where memories are made. Remind your would-be home buyers that just like a marriage, buying a home is a long-term commitment. Don't let a buyer's short-term fears turn into regret of "the one that got away". Marry them to the home of their dreams and tell them to date the rate because the rate they get today can always be refinanced to a lower one later. The home, on the other hand, may not be available if they wait another year or two.

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