Are you looking for creative financing options for home loans especially in the current market? We have a great solution called the 2-1 buydown program. Here is a rundown of what you need to know about the program and what that means for you.
A 2-1 buydown mortgage program is not new. It is a strategy that is used to help people with their home purchases. It provides for a low-interest rate for one year, then a slightly higher rate for the second year, and then the full rate for years three and later.
This is a flexible and great program for first-time home buyers, people who know they will temporarily own their home, and others who will plan to refinance when the rates are better.
Here are the most important takeaways from the 2-1 buydown mortgage program:
A 2-1 buydown lowers the interest rate on a mortgage for the first two years before it rises to the regular, permanent rate.
In general, the rate is two percentage points lower during the first year and one percentage point lower in the second year.
Home builders and others selling homes may offer a 2-1 buydown, which makes the home more affordable for buyers.
Watch the video now to learn more about the 2-1 buydown program and how it can work for you. I am being interviewed by my esteemed network partner Chrissy Peterson from EXP Realty.
Have you heard of a 2-1 buydown?
What questions do you have? Now is a great time to get prepared your next for home loan experience. Reach out anytime we are always happy to help!
kevnik@kevnikmortgage.com or 952-484-1584.
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