Marry the House, Date the Rate!
"Marry the house and date the rate" is indeed a phrase used to encourage buyers to proceed with a home purchase even when interest rates are higher than desired.
It acknowledges that individuals often have legitimate reasons for needing to move to a different property, such as factors like size, location, or schools, and may not be able to wait for interest rates to change before making a purchase. The idea is to emphasize the importance of fulfilling one's immediate housing needs while understanding that mortgage options can be revisited down the road.
There are a couple of ways to manage this situation:
Ultimately, the key message behind "marry the house and date the rate" is that if there is a genuine need to move, it is often necessary to act based on current circumstances rather than trying to time interest rates perfectly. By focusing on finding a property that meets your needs and is within your financial means, you can address your immediate housing requirements. Then, in the future, when the opportunity arises, you can explore options like recasting or refinancing to optimize your mortgage terms.