this post was submitted on 12 Nov 2025
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Usually folks signing a very high interest mortgage do so to snag property while prices are down due to the rough market then will refinance in 2-5 years when rates are lower.
As long as homes are investments, buying a home as soon as you can regardless of interest rate is the most accessible path to financial success for the average middle class American
For one thing, when you buy a home you're basically locking in your home payment for decades. A 30 year mortgage originated in 1998 would have the exact same payment this month as it did in 1998. Unless of course you pull equity out of the home in a HELOC or refinance but that's generally not a good idea anyways since you're trading long term wealth for short term cash, and that's basically always a path to economic ruin. Point is though, whatever payment you lock in with your initial mortgage it's not going to change significantly until the mortgage is fully paid off. Even if you refinance, even considering property tax changes, your home costs are largely not going to increase. About the only wildcard is insurance which those rates are mostly determined by the risk of property loss, so as long as you don't live somewhere that is at relatively high flood, fire or hurricane risk you'll probably not see a dramatic increase
You are not accounting for property tax which can significantly affect the payment. If property values rise, which they always do it will increase the payment. Making the saving from this moronic plan meaningless.
Historically in most cities property taxes have nowhere near kept up with inflation. The town I live in right now just did its first property tax increase in over a decade, which increased my property taxes by about $100/year for my extremely average for the town home. My property taxes are about $2100/year and were about $2000/year when I first moved in almost 5 years ago. Comparing to family located in other much larger cities trends are similar. California famously capped property taxes for existing home owners. Property taxes are generally a very small part of the equation for most of the country