If you’ve been exploring the idea of buying a home, you’ve probably heard a catchy phrase tossed around by real estate agents and lenders: “Date the rate, marry the home.”
But what does it actually mean—and is it good advice?
At Homeperk, we help people understand every step of the homebuying journey. And this popular saying is more than a sales pitch—it’s a mindset shift that can help you move forward with confidence, even in a high-interest rate market.
Let’s break it down.
✅ Step 1: Buy Smart with the Future in Mind
When you’re buying a home that you might rent out later, think like both a homeowner and a landlord. That means considering:
- Neighborhood desirability for renters (proximity to jobs, transit, schools)
- Low-maintenance layout and systems
- Good bedroom/bathroom count for rental comps
- HOA rules (some restrict or prohibit rentals)
Even though you’ll be living in the property initially, choosing a home with rental potential gives you more flexibility down the road.
🏡 "Marry the Home"
When you “marry the home,” you’re committing to a place you love. That means:
- You’ve found the right neighborhood, layout, and long-term fit for your lifestyle.
- You’re choosing a property that meets your needs now and into the future.
- You’re building equity and stability for yourself or your family.
Homes are long-term assets. If the property is the right match, it can benefit you financially for years or decades, even if the short-term conditions aren’t perfect.
Just like in a real marriage, you want to pick a home you’re willing to stick with through some ups and downs—because the long-term value is worth it.
💸 "Date the Rate"
This part is about your mortgage interest rate—and it’s where the flexibility comes in.
Interest rates aren’t permanent. While they affect your monthly payment today, they can be changed later through refinancing. So, if you’re holding back from buying the right home because rates feel high, here’s the perspective:
You can refinance your mortgage if and when rates drop—but if the perfect home pops up and you don’t act, you might miss out entirely.
In other words, you’re not stuck with the rate forever—but you might not get another shot at that home.
📉 Why This Makes Sense (Especially Right Now)
Interest rates go up and down. In recent years, we’ve seen historically low rates—and then sharp increases. But here’s the thing:
- Rates are still refinancing-friendly when they go down.
- You build equity the entire time you own the home.
- You’re not renting—which means every payment goes toward ownership, not your landlord’s pocket.
- When rates are higher, there are usually less buyers in the market which means its easier to negotiate with sellers and get a better deal.
Even if you start with a 7% interest rate, you could refinance to 5% or lower later. That change could save you hundreds per month—but you’ll only benefit if you already own the home.
🧠 A Smart Buyer’s Mindset
Here’s how smart buyers apply the “Date the Rate, Marry the Home” approach:
- Find a home you truly love and can afford at today’s rates.
- Lock in your loan—even if the rate isn’t perfect.
- Keep an eye on the market after closing.
- When rates drop, refinance to lower your payment.
- Enjoy the best of both worlds: the right home and the better rate.
First-time homebuyers can qualify for a mortgage with as little as 3% down* and HomePerk can help you cover the downpayment or closing costs.
🛠️ Homeperk Can Help You Prepare
At Homeperk, we work with buyers who are just getting started—including those who need to:
- Improve their credit score
- Understand their buying power
- Explore down payment assistance
- Connect with trusted lenders and agents
If you’re worried that rates are too high or that your score isn’t ready, don’t wait. You can’t refinance rent—but you can take control of your finances now and be ready to jump when the right home appears.
🏡 Final Thoughts
The primary focus of your home buying journey should be just that—your home. Find the right place to call your home for the long term, with a mortgage you can afford today. Keep in mind that the interest rate environments change and when they go down, you can refinance. Ready to start your journey? The HomePerk Team is ready to assist you.
*Down payment assistance offered pursuant to your employer’s down payment assistance benefit plan and is accomplished through an unsecured down payment assistance loan. The down payment assistance loans may be provided by CharlieMike Financial, Inc. or other partner banks or credit unions. Certain restrictions apply. Subject to borrower qualification and subject to obtaining a mortgage from an eligible mortgage partner.
$0 down is based on obtaining a mortgage for 97% of the purchase price of your home from an eligible mortgage partner and funding the other 3% of the purchase price with a down payment assistance loan. The down payment assistance loan has a term of 60 months and the borrower experiences an interest rate of 0% (actual note rate 12%), assuming all principal payments are made when due by the borrower, as the result of the rate being permanently bought down. Buydown funds may not be redeemed for cash or credit and are nontransferable. The monthly payment on a $10,000 loan at 0% interest for a 60-month term is $166.67. Subject to certain conditions.