Hey gang, it's become a buyer's market and here's a tool that you can use to lower your payments for the first year to two years, paid for by the seller. Temporary Rate Buydowns have the seller pay (seller concessions) to reduce your rate for up to the first two years of your mortgage. If it's for two years, the first year your rate is 2% below the note rate and the second year your rate is 1% below your note rate. On the third year to the end of the mortgage, you pay the regularly-amortized rate. On a $600K loan, this can save you over $8,900 the first year and more than $4,500 the second, giving you extra money to complete needed projects in your new home. And the best part: the seller pays for it. Call me if you need more info. This isn't an adjustable rate mortgage; it's fixed rate.
