Marry the Home, Date the Rate
April 2, 2025
Marry the Home, Date the Rate
We hear from many of our clients here at Kearny that they’re eager to move ahead with their plans to buy a new home. However, concerns about the mortgage rate environment in recent years has made many of them delay their plans. Some clients ask me for my advice on when the right time will be to commit to a new mortgage. Whether you’re a first-time home buyer, looking to upgrade, or securing a vacation home, my advice is to “marry the home and date the rate.”
The Value of Buying a Home
The term “marry the home and date the rate” has been commonly used since the Federal Reserve began its tightening cycle two years ago. The catchy phrase has been used by financial reporters, mortgage industry leaders, and sales trainers, but what it really means is simple in financial terms.
Home purchases should be considered long-term relationships (marry the home). The home will be a place where you can accumulate wealth in the form of equity over time. It’s a place where you’ll experience your life, your family will grow, and it will last through all the ups and downs in the economy. Make sure to get all your questions answered before starting your home shopping journey so you’ll have no issues committing to your dream home.
Financing Your Home Purchase
Borrowing money can be considered a short-term transaction (date the rate). Yes, it is based upon today’s mortgage rates. However, a mortgage isn’t forever. Plus, there are incentives available for first time home buyers. If mortgage rates become more attractive later, you’ll have the option to refinance at a lower rate, but you may not get the chance to buy that house again. A good mortgage advisor will keep you updated on changes in the market even after you move into your home and will help make sure you know when there is a good opportunity to take advantage of lower rates.
Looking back, home appreciation in New Jersey has exceeded a remarkable 210% since 2000. For most of us that live here, we know New Jersey has been a dynamic place to raise a family, work, and live! New Jersey continues to be sought after for blue ribbon schools, well paid career opportunities, some of the best restaurants, theatres, sports, and more!
Speak to A Mortgage Advisor
Don’t let today’s higher rate environment keep you from the benefits of homeownership. Chances are, we may only see these higher rates for a short period of time anyway. Kearny Bank is ready, willing and able to discuss your home mortgage needs. Whether short- or long- term, we have products and options that serve most needs. Contact me today to learn more.
Written by Chris Walsh | Mortgage Advisor
About Chris:
With a degree in Economics and over 25 years of mortgage origination experience, I can help you achieve your goal of homeownership. Whether you are a first-time homebuyer, trading up, or buying a vacation home, I will leverage my knowledge to provide expert advice throughout the entire mortgage process, from pre-qualification to closing. My goal is understanding your goal, and helping you achieve it. Contact me to get pre-qualified or for a free mortgage review.