Marry the Home and Not the Rate - Special Guest, Rob Stow
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This is our first episode and we have more coming. We hope you enjoy it.
Marry the Home and Not the Rate
With interest rates going up, one thing that you hear a lot in real estate this phrase, Marry the Home, date the rate.
What that means is focus on the home, not the rate because you can refinance later when the rates go down.
That works great if the rates do go down but what if they don’t. You never want to over extend yourself because things might not turn out like you hope.
Not only do rates have to go down, but sometimes they have to go down significantly for a refinance to work financially.
With loans such as a conventional loan, you will also need the value of the home to have gone up to meet the loan to value guidelines.
When you do a refinance, there’s also closing cost to consider which could be 2 to 5% of the loan principle.
If you are considering buying a home with the intent to refinance later, my suggestion would be to buy considering the rates may never go down but if they do and you can refinance, just look at that as a bonus.
You can read more at
https://www.realtor.com/advice/buy/mortgage-rates-is-buy-now-refinance-later-good-advice/
Interview
Rob Stow from Moore Appliances 4 Less
https://www.mooreappliance4less.com/
Things To Do This Weekend
Heart of Yukon Craft Show is this Saturday at the First United Methodist Church
Guthrie Renaissance Faire is in of course Guthrie this weekend starting on Friday. This three-day festival will include food, art, entertainment and other shenanigans from the Medieval and Renaissance periods including jousting.
The OKC Home & Outdoor Living Show is this weekend at the Fair Grounds.
Closing
If you have an event or unique business you would like for me to share on the show, please contact me.
If there’s anything in the world I can do for you regarding real estate, please reach out.
Phone: 405.352.8186.
Thanks for listing,
Tim Dumas,
REALTOR® with eXp Realty
https://timdumas.exprealty.com/
www.oklahomalivingandrealestate.com
This is our first episode and we have more coming. We hope you enjoy it.
Marry the Home and Not the Rate
With interest rates going up, one thing that you hear a lot in real estate this phrase, Marry the Home, date the rate.
What that means is focus on the home, not the rate because you can refinance later when the rates go down.
That works great if the rates do go down but what if they don’t. You never want to over extend yourself because things might not turn out like you hope.
Not only do rates have to go down, but sometimes they have to go down significantly for a refinance to work financially.
With loans such as a conventional loan, you will also need the value of the home to have gone up to meet the loan to value guidelines.
When you do a refinance, there’s also closing cost to consider which could be 2 to 5% of the loan principle.
If you are considering buying a home with the intent to refinance later, my suggestion would be to buy considering the rates may never go down but if they do and you can refinance, just look at that as a bonus.
You can read more at
https://www.realtor.com/advice/buy/mortgage-rates-is-buy-now-refinance-later-good-advice/
Interview
Rob Stow from Moore Appliances 4 Less
https://www.mooreappliance4less.com/
Things To Do This Weekend
Heart of Yukon Craft Show is this Saturday at the First United Methodist Church
Guthrie Renaissance Faire is in of course Guthrie this weekend starting on Friday. This three-day festival will include food, art, entertainment and other shenanigans from the Medieval and Renaissance periods including jousting.
The OKC Home & Outdoor Living Show is this weekend at the Fair Grounds.
Closing
If you have an event or unique business you would like for me to share on the show, please contact me.
If there’s anything in the world I can do for you regarding real estate, please reach out.
Phone: 405.352.8186.
Thanks for listing,
Tim Dumas,
REALTOR® with eXp Realty
https://timdumas.exprealty.com/
www.oklahomalivingandrealestate.com
