Crescent City Living

New Orleans Real Estate Brokerage

  • Home
  • Home Search
  • Communities
  • Services
    • Home Value Request
    • Buying
    • Selling
    • Renting
    • Landlords
    • Louisiana Real Estate Contract
  • The Blog
  • About Us
    • Client Reviews
    • Our Beliefs
    • Agent Pros
    • Crescent City Living Policies
    • Careers at Crescent City Living
  • Account | Login

Date the Rate Advice is Not for Everyone

Date the Rate Advice is Not for Everyone

October 26, 2023 By Crescent City Living

Given the high-interest rate environment that we are in, there has been a boatload of REALTORS who keep repeating “date the rate, marry the house”. What they mean is to take on a higher interest rate right now so you can get the home you love, with the expectation that you can refinance when mortgage costs drop.

While on the surface that may seem like good advice, it’s not for everyone.

Who Should Date the Rate?

If you know that you’ll be selling and moving on in the next 3-5 years, you should definitely date an adjustable-rate mortgage. Why adjustable? Because the initial payments are currently lower than those with a fixed 30-year rate. You’ll be out before you need to switch to permanent financing.

Cons of dating the rate

What many agents don’t explain is that there is more to it than “you can refinance later”. Refinancing comes with costs and some of them can be surprising. Owners basically have to re-qualify for their mortgage (because it was so fun the first time around, right?). That includes paying for an updated appraisal, closing costs, and proving that you are still financially able to afford the monthly note.

If you don’t qualify or don’t have the funds for the refinance, what happens? Your relationship status has changed from dating to married…to an interest rate you thought was just a quick fling.

Our advice

Talk to your lender about the financing options available to you and have them explain IN DETAIL the pros and cons of them so you are making the most informed decision you can.

Need a referral to a great local lender? Just ask. We’ve got a whole list of them.


Get advice from one of our agents

Filed Under: Buyers Tagged With: financing, home buying

Related Posts

Please Don’t Cheat On Your New Orleans Real Estate Agent
When Do We Have to Pay the Deposit on Our New House?
NOLA Home Buying Tip 2: How To Choose A New Orleans REALTORĀ®

Listings, Market Reports & Open Houses by Area

  • Algiers (West Bank)
  • Algiers Point (West Bank)
  • Audubon
  • Avondale (West Bank)
  • Bayou St John
  • Belle Chasse (West Bank)
  • Black Pearl
  • Bridge City (West Bank)
  • Broadmoor
  • Bywater
  • CBD & Warehouse District
  • Central City
  • City Park
  • Desire
  • East Carollton
  • East Riverside
  • Fairgrounds
  • Fillmore
  • French Quarter
  • Freret
  • Garden District
  • Gentilly Terrace
  • Gentilly Woods
  • Gert Town
  • Gretna (West Bank)
  • Harvey (West Bank)
  • Holly Grove
  • Holy Cross
  • Irish Channel
  • Jefferson
  • Kenner
  • Lake Shore & Lake Vista
  • Lake Terrace & Lake Oaks
  • Lakeview
  • Lakewood
  • Leonidas
  • Lower 9th Ward
  • Lower Coast & English Turn
  • Lower Garden District
  • Marigny
  • Marlyville & Fontainebleau
  • Marrero
  • Metairie
  • Mid City
  • Milan
  • Milneburg
  • Navarre
  • New Orleans East
  • Pontchartrain Park
  • River Ridge
  • Seventh Ward
  • St Anthony
  • St Bernard Area
  • St Claude
  • St Roch
  • Terrytown (West Bank)
  • Touro
  • Treme
  • Tulane / Gravier
  • Uptown
  • Uptown / Carrollton
  • Venetian Isles
  • Waggaman
  • West End
  • West Riverside
  • Westwego (West Bank)

Crescent City Living Logo

3205 Orleans Ave New Orleans, LA 70119

Telephone: +1 504.327.5303

Disclaimer: Multiple Listing Data provided at CrescentCityLiving.com is deemed reliable but not guaranteed. It is good practice to verify all information with a Real Estate Licensee before taking any action based upon this data. Listing data is made available for the use of consumers interested in the acquisition of real property only. Use of this data for any other purpose is strictly forbidden without the written consent of the Gulf South Real Estate Information Network.

Licensed by the Louisiana Real Estate Commission.

Copyright © 2025 Crescent City Living Ā· All Rights Reserved. | Real Estate Websites by Ha Media


  • Home

  • Home Search

  • Communities

  • Services

    • Home Value Request

    • Buying

    • Selling

    • Renting

    • Landlords

    • Louisiana Real Estate Contract

  • The Blog

  • About Us

    • Client Reviews

    • Our Beliefs

    • Agent Pros

    • Crescent City Living Policies

    • Careers at Crescent City Living
  • Log into or manage your account…
    Account | Login
    • Call us…
    • Send us a message…
    • Find our office…

  • Contact Me (Dark)

    We take your time and privacy seriously. Fill out this encrypted contact form with the knowledge that we're not signing you up for endless emails.

    Contact Us

    Contact Us

    We would like to hear from you. Please send us a message by filling out the form below and we will get back with you shortly.

    Schedule a Showing

    Schedule a Showing

    Submit this secure form to request a showing. If you'd like a showing within the next 36 hours, it's best to call us after filling out this form.

    :
    Select a time for your showing

    Start the Selling Process

    Start the Selling Process

    If you're ready to sell your home, fill out this secure form to get started. One of our Specialists will contact you directly and there's no obligation.

    Sorry You Missed It!

    Sorry You Missed It!

    Looks like this property has already been claimed, but worry, not! We can help you find another. Fill out this secure form and we will get right back to you.

    Interested?

    Interested?

    Interested in this property? Fill out this secure form and I will contact you with details and availability.

    Interested?

    Interested?

    Interested in this property? Fill out this secure form and I will contact you with details and availability.

    Rent Your Home!

    Rent Your Home!

    If you've got a property you'd like to rent, we can help.
    Call us or fill out this secure form and we'll call you whenever you like.