{"id":60447,"date":"2025-07-11T03:05:09","date_gmt":"2025-07-11T01:05:09","guid":{"rendered":"https:\/\/housesmarketplace.com\/dating-the-rate-misled-borrowers-now-theyre-financially-strained\/"},"modified":"2025-07-11T03:05:09","modified_gmt":"2025-07-11T01:05:09","slug":"dating-the-rate-misled-borrowers-now-theyre-financially-strained","status":"publish","type":"post","link":"https:\/\/housesmarketplace.trio-tv.com\/ru\/dating-the-rate-misled-borrowers-now-theyre-financially-strained\/","title":{"rendered":"\u00ab\u0421\u0432\u0438\u0434\u0430\u043d\u0438\u0435 \u0441\u043e \u0441\u0442\u0430\u0432\u043a\u043e\u0439\u00bb \u0432\u0432\u043e\u0434\u0438\u043b\u043e \u0437\u0430\u0451\u043c\u0449\u0438\u043a\u043e\u0432 \u0432 \u0437\u0430\u0431\u043b\u0443\u0436\u0434\u0435\u043d\u0438\u0435. \u0422\u0435\u043f\u0435\u0440\u044c \u043e\u043d\u0438 \u0438\u0441\u043f\u044b\u0442\u044b\u0432\u0430\u044e\u0442 \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u044b\u0435 \u0442\u0440\u0443\u0434\u043d\u043e\u0441\u0442\u0438."},"content":{"rendered":"
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\u201cMarry the house, date the rate\u201d is a phrase that was popularized<\/a> during the post-pandemic era of rising mortgage rates. Lenders urged borrowers to focus on finding a house they were head over heels with and worry about their interest rate down the line.<\/p>\n

Borrowers who were accustomed to rates hovering near 3% didn\u2019t realize how long \u201cdating the rate\u201d would take. This left many to be in an unintentional long-term relationship with their mortgage rate<\/a>.<\/p>\n

Flash forward three years. Not only have many homeowners been unable to refinance<\/a>, but their monthly payments have increased due to rising property taxes<\/a> and insurance costs. <\/p>\n

On top of that, most 2-1 rate buydowns<\/a> have expired, leaving borrowers to either face financial strain head on, or consider other options like taking out an adjustable-rate mortgage (ARM<\/a>) or purchasing discount points.<\/p>\n

Rate predictions went awry<\/h2>\n

Mark Worthington, a Bend, Oregon-based branch manager for Churchill Mortgage<\/a><\/strong>, says that clients were misled by loan officers who thought they could \u201cpredict\u201d rates, leading them to push their budgets.<\/p>\n

\u201cI equate buying a house with a lot of analogies. But if you have to convince yourself that the person you\u2019re dating is great, and then you think to yourself, \u2018Yeah, but \u2026 ,\u2019 that\u2019s not somebody you should date long term, right?\u201d Worthington said, offering a different perspective on the phrase. \u201cAnd yet, we wouldn\u2019t go into a relationship with the \u2018Yeah, but\u2019 scenario. But people bought houses, maybe some because of that slogan and the mindset that rates are going to get better.\u201d<\/p>\n

\u201cI don\u2019t think we should ever count on rates at any certain time being at a certain number, because it\u2019s too hard to predict,\u201d he added. \u201cI mean, two years ago, Fannie Mae<\/a><\/strong> predicted that by the end of 2022 or 2023, rates would be in the high 5s. We\u2019re not \u2014 we\u2019re still in the mid to high 6s.\u201d<\/p>\n

Originators, he says, didn\u2019t do enough education on debt-to-income ratios with their borrowers, leaving many to become house poor. <\/p>\n

\u201cMost loans have a typical debt-to-income ratio of approximately 45%. \u2026 And if someone\u2019s buying a house and the only payment they have is a house, and they push to the 45% number, well, they\u2019re not giving themselves any allowance if they have to buy a new car,\u201d he said. \u201cThey\u2019re not giving themselves an allowance to necessarily do something with their life other than pay for their house.\u201d<\/p>\n

That has resulted in unsustainable payments, Worthington added.<\/p>\n

\u201cIt\u2019s definitely hurting people. It\u2019s definitely eating into people\u2019s savings,\u201d says Melissa Cohn, regional vice president at William Raveis Mortgage<\/strong>. \u201cThat\u2019s not where any of us wanted to be right now, but unfortunately, through various circumstances, we are where we are.\u201d<\/p>\n

Cohn says the solutions are limited and far from perfect. <\/p>\n

\u201cYou can ask, if people refinance, can you take an adjustable rate and do any better? Can you do an interest-only ARM and do any better on a monthly payment?\u201d she said. \u201cBut no one can magically change rates, and there\u2019s no bank out there that\u2019s offering a rate that\u2019s so significantly below anyone else for refinancing.\u201d<\/p>\n

Cohn admits that way back when, she did throw the \u201cmarry the house, date the rate\u201d phrase around when talking to clients. <\/p>\n

\u201cThere were times when it really seemed imminent that rates were going to drop. But you look back at COVID<\/a>, that\u2019s a good learning lesson where you never say never, and that you always have to prepare your buyer,\u201d she said. <\/p>\n

\u201c\u2018I\u2019ve only had one client who\u2019s calling me that\u2019s been struggling with a monthly payment. And that\u2019s someone who used one of these [low documentation] loan options to get approved, where they were not relying on their taxable income, or they were probably stretching a little further than they should have.\u201d<\/p>\n

Worthington and Cohn agreed that a massive geopolitical event or another pandemic would have to happen for rates to reach their previous low points.<\/p>\n

\u201cWe thought rates were going to come down a few months ago, until President Trump announced his new tariffs<\/a> and announced his new spending bill,\u201d Cohn explained. \u201cThe Fed would have cut rates<\/a> if neither had happened the way it did. But I think that anytime you go into a mortgage, you have to go in knowing that there is a risk that the rate may not come down.\u201d<\/p>\n

Borrowers in jeopardy<\/h2>\n

Worthington worries that the inability to refinance will cause two regretful circumstances: buyers who are forced to sell their homes or being unable to make payments.<\/p>\n

\u201cThey\u2019re going to get themselves into some financial and credit jeopardy. Because, regretfully, when you look at the affordability of housing, now is one of the lowest levels<\/a> it\u2019s been in history,\u201d he said.<\/p>\n

\u201cAnd when we look at our expenses, you go back 25 years and we didn\u2019t have cell phones that we replace every year. We didn\u2019t have the internet and all these streaming services we paid for. We didn\u2019t have apps. Those are habits we\u2019ve created due to, frankly, the influence of our economy. I think it\u2019s going to get rough,\u201d Worthington added.<\/p>\n

Emily Gardner, chief lending officer at Atlantic Bay Mortgage<\/strong> Group<\/strong><\/a>, says that some of her clients have gotten creative with their financial positions. <\/p>\n

\u201cSome people may not have been able to see the interest rate reduction, but a lot of people have taken advantage of the increase in equity<\/a> and put themselves in a better financial position by consolidating debt,\u201d she said.<\/p>\n

Buydowns, for one, became popular, leading Gardner and her team to offer them as options to clients. <\/p>\n

\u201cWe have done a ton of 2\/1 buydowns,\u201d she said. \u201cBut one of the things that we really coach on is that final payment. What is that final payment going to be? Are you comfortable with that? And then, during that two-year period, is there a financial plan that can be in place to even set some of those savings aside as reserves?\u201d<\/p>\n

Gardner says that she\u2019s directed her team to steer clear of the \u201cdate the rate\u201d mantra. <\/p>\n

\u201cThat\u2019s not verbiage that we wanted to use, because you can\u2019t guarantee what interest rates are going to do,\u201d she said. \u201cI think if you like the house and you can afford the payment \u2014 and it\u2019s comfortable in the client\u2019s financial picture \u2014 that needs to be the conversation, and not a guarantee of a rate reduction in the future.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

\u201cMarry the house, date the rate\u201d is a phrase that was popularized during the post-pandemic era of rising mortgage rates. Lenders urged borrowers to focus on finding a house they were head over heels with and worry about their interest rate down the line. Borrowers who were accustomed to rates hovering near 3% didn\u2019t realize […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-60447","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\n\u2018Dating the rate\u2019 misled borrowers. 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