Any and all borrowers who are looking to purchase a home but may not have the funds to pay the full amount of a loan's interest rate can benefit from a Buydown loan. The Buydown loan is designed to make smaller payments over a shorter period of time, while still enjoying a lower interest rate.
2% below the note rate for year 1
1% below the note rate for year 2
Fully indexes on year 3
Great option for first time home buyers
Possibly save thousands!
Buydown mortgages are a great way to obtain a lower interest rate, especially in a climate where they're quickly rising. With multiple structuring options, borrowers can be supplied with a loan that not only meets their needs in the moment, but could save them thousands of dollars over time.