collapse

Advertisement


Author Topic: Temporary Rate Buydowns  (Read 779 times)

Offline pianoman9701

  • Mushroom Man
  • Business Sponsor
  • Trade Count: (+5)
  • Legend
  • *****
  • Join Date: Mar 2011
  • Posts: 42831
  • Location: Vancouver USA
  • WWC, NRA Life, WFW, NAGR, RMEF, WSB, NMLS #2014743
    • www.facebook.com/johnwallacemortgage
    • Apply for a loan
Temporary Rate Buydowns
« on: November 14, 2022, 03:29:57 PM »
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.
"Restricting the rights of law-abiding citizens based on the actions of criminals and madmen will have no positive effect on the future acts of criminals and madmen. It will only serve to reduce individual rights and the very security of our republic." - Pianoman

 


* Advertisement

* Recent Topics

SimplePortal 2.3.7 © 2008-2024, SimplePortal