LOWER YOUR MORTGAGE PAYMENT FOR UP TO 3 YEARS
How it Works: 1.
The home buyers decide how many years they want a lower mortgage rate (1,2, or 3) - this is the buydown period. A cost of the prepaid interest is paid at closing. Payment will be based on a mortgage rate up to 3% lower. 1. 2. 3.
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Monthly payments will be based off the rate rising by 1% each year. After the buydown period is over, the mortgage will return to its original level and continue as a fixed rate.
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Interest Rates Buydown Benefits
Builders, Sellers, or Other Interested Parties - Anyone looking to incentivize a buyer can cover the cost of the prepaid interest, which will greatly increase the buyer's savings from this program. Renters Transitioning to Buying - Ready to buy but not ready for a higher interest rate? As interest rates continue to rise this loan becomes especially important for those looking to lock in a lower payment now. Buyers Expecting a Raise - This program could be especially beneficial for recent medical school or other post - graduate program graduates who expect to see an income increase soon. Buyers with Temporary Income Decrease - If you or your partner is out of the workforce for a period of time, this program can provide the necessary financial air until they are able to earn an income again.
Our Mortgage Payment Buydown comes in a 1-0, 2-1, or 3-2-1 option. Learn more when you contact us today.
Shawn Hunt Loan Officer – The Hunt Team
SVP, Area Manager NMLS ID# 1098459 M: (443) 783-0910 www.HuntTeamMortgage.com CMG Home Loans | NMLS ID# 1820
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