I get where you’re coming from, but I’d argue that “patience” can sometimes backfire too, especially in a volatile rate market. You said,
I’ve seen folks wait for that “better deal” only to watch rates creep up and lose out on thousands over the life of the loan. Sometimes the math says move fast, sometimes it says wait—depends on your credit profile and how tight your numbers are. I’m all for running the break-even math, but there’s definitely a risk to waiting too long, especially with VA refis since lender credits and closing costs can shift quick.“Patience pays more than most ‘no cost’ offers in my experience.”
I get where you’re coming from, but I’d argue that “patience” can sometimes backfire too, especially in a volatile rate market.
Totally get what you mean about the risk of waiting too long. I’ve seen folks try to “time the market” and end up with higher rates than if they’d just locked in earlier. Out of curiosity, how do you weigh the risk of rates jumping vs. the potential savings from a better deal? Sometimes feels like flipping a coin...
Sometimes feels like flipping a coin...
That’s honestly how it’s felt for me lately, too. I usually try to run the numbers on what a quarter-point swing would actually mean for my monthly and long-term costs, but even then, it’s tough to know when to pull the trigger. Have you ever set a “walk-away” rate—like, if it goes above X%, you just lock in no matter what? Or do you just watch and hope for the best?
Have you ever set a “walk-away” rate—like, if it goes above X%, you just lock in no matter what? Or do you just watch and hope for the best?
I’ve tried to set a “walk-away” rate, but honestly, I always end up second-guessing myself. It’s like I tell myself, “Okay, if it hits 6%, that’s my number,” but then I see some article saying rates might drop next month and suddenly I’m back to waiting. Not the most disciplined approach, but it’s hard to ignore the feeling that you might miss out on something better.
When you’re running your numbers, do you factor in closing costs and all those random fees? I keep getting hung up on whether the monthly savings are really worth it after all the upfront stuff. Maybe I’m overthinking it, but with how unpredictable things are lately, sometimes it feels like flipping a coin is as good as any strategy... except with more paperwork.
I’m right there with you on the “walk-away” rate thing. I keep telling myself I’ll be super disciplined, but then I start doomscrolling mortgage news and suddenly my “hard limit” is more like a “soft suggestion.” It’s like playing chicken with the market, except the only thing I’m risking is my sanity.
About the closing costs—yeah, those sneak up fast. The first time I ran the numbers, I thought I was saving a ton, but then the lender hit me with a list of fees longer than my grocery receipt. I ended up making a spreadsheet (which, honestly, was more stressful than the actual mortgage). If the break-even point is more than a couple years out, I start questioning if it’s worth all the hassle.
Sometimes I wonder if there’s a secret club where everyone else just knows the right time to lock in. Meanwhile, I’m over here refreshing rate charts like it’s fantasy football draft day...
