What is the buy-now-refinance-later strategy?

The buy-now-refinance-later strategy means purchasing a home at today's rate with the plan to refinance into a lower rate if and when one becomes available, rather than waiting on the sidelines for that lower rate to arrive first. It only pays off if refinancing costs are outweighed by the eventual rate savings, so the math is worth running with a lender before committing to the plan. Brian Beatty can walk through whether this approach fits a specific buyer's situation.