Is “Buy Now, Refinance later” good advice? It depends on your situation! Buying a home is a big investment, and getting the right mortgage is crucial.
Refinancing can help lower your interest rate or change your loan terms, but it also comes with costs and risks.
Here are some things to consider:
✔️Buy now to lock in a final sale price during a period of low sales volume and ride appreciation over time.
✔️Buy now if you’re ready to get out of the rental market or have a life event change.
✔️Buy now if you have a stable income and credit history.
✔️Consider refinancing later when interest rates drop or if you need to adjust your payments or loan terms.
❌Do the numbers and consult with trusted mortgage professional to craft best re-finance strategy that does not result in higher costs and interest payments in the long run.