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

Buy-now-refinance-later means purchasing at today's price and current rate with the plan to refinance into a lower rate later if rates actually drop, rather than delaying a purchase in hopes of better terms that may or may not materialize. It works best for a buyer financially comfortable with today's payment who does not want to keep competing against rising demand while waiting. Joel Boss walks buyers through this trade-off against simply waiting before they decide which fits their situation.