With rising interest rates we know that it can be difficult to make the leap to finance your next home but there are ways that you can save not only at the closing table but as well as on your monthly payments.
A few ways that you can save are by negotiating seller paid closing costs. Those costs can be some if not all of your closing costs. You can also buy permanent rate or temporary rate buydowns. Perminate Rate Buydowns are done by paying for discount points, the price per point is determined by your loan amount. The Temporary Rate Buydowns can be in the form of a 3-2-1 or a 2-1 buydown. Temporary rate buydowns can be negotiated to be paid for by the seller and help lower your monthly payments for the first 2 or 3 years of your mortgage.
Below are couple great read articles on just how Buydowns work, enjoy!
To read the full article please click the following link: ‘Incentives Come in Many Forms’: Here Are Ways To Lower Your Mortgage Rate, According to This Mortgage Company CEO
Buydown: A Way to Reduce Interest Rates