Refinancing can sound like an easy answer when a home payment feels too high. But your homebuying plan needs to work with the payment you have today. In this short video, I explain why a possible refinance should be a bonus, not the plan.
Start with a payment that works today
Before you fall in love with a home, ask yourself a simple question: would I still feel comfortable with this payment if it stayed the same? Think about your regular bills, savings goals and the things you enjoy doing. Your home should fit into that picture.
Also, leave room for repairs and surprises after closing. A payment that looks possible on paper may feel different once you are living with it. Take time to write down what comfortable means for your household, rather than choosing a number only because you were approved for it.
Treat refinancing as a separate decision
You still have to qualify for a future loan, and refinancing comes with costs. That is why I do not want buyers to rely on a future change to make today’s purchase affordable. A lower payment later would be welcome, but your purchase needs its own solid starting point.
If you consider refinancing down the road, ask your lender to explain the full picture. What would the costs be? How would the payment and loan terms change? Those questions belong in that later decision, not in a promise you make to yourself while shopping today.
Make your Pittsburgh homebuying plan personal
Whether you are thinking about moving now or waiting until 2027, start with your needs and your budget. There is no need to force a purchase that leaves you uneasy. Instead, identify what would make a move feel manageable and talk through those priorities before you shop.
Watch the short above for the key takeaway. Then use the longer conversation below to think through your next steps. I am happy to help you connect your home search with the budget and timing that make sense for you.
Watch the full video: Should You Buy a Home in Pittsburgh Now or Wait Until 2027?
Diane McConaghy, REALTOR® | RE/MAX Select Realty. Let’s talk about your homebuying plans.