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    Real estate experts say that the homebuying advice "Marry the house, date the rate" oversimplifies the process. Mary Dykstra, a partner at MKB Realtors in Virginia, notes that this phrase ignores refinancing costs, which can range from 2% to 6% of the loan amount.

    "It's essential for homebuyers to consider the cost of refinancing," Dykstra said. "If you only plan to stay in your home a few years, it may not be worth refinancing." LendingTree illustrates this point with an example: if a refinance costs $5,000 and saves you $200 per month, you'd need to stay in the home for 25 months to break even.

    Another common piece of advice is to wait for interest rates to drop before buying a house. However, Dykstra notes that historically, interest rates have been much higher than today's rates. "The 'free money' rates of the pandemic era may never come again," she said.

    Money expert Rachel Cruze advises against waiting for lower rates if you're financially ready to buy a home. Dykstra agrees, warning that squeezing into a payment can be problematic, especially with adjustable-rate mortgages or buydowns. Additionally, waiting on lower rates could mean missing out on equity and appreciation – in Florida, homes have appreciated by 3% to 10% per year while buyers waited for interest rates to drop.