What Are Temporary Buy Downs?
When you work with our preferred lender to purchase this home, the Seller is open to negotiating a Seller Interest Rate Buydown. With this option the Seller can agree to pay mortgage discount points so you, the home buyer, can get a lower interest rate on the mortgage. A lower interest rate means you may be able to achieve your ideal monthly mortgage payment and own your dream home!
Temporary Buy Down - This could help you purchase NOW!
A temporary buydown is made possible by depositing a lump sum into a buydown account. The lump sum is then divided up monthly for each year in the buydown. Once the buydown account is depleted, the interest rate increases to the full note interest rate.
What is APR? Annual Percentage Rate
An annual percentage rate (APR) is a broader measure of the cost of borrowing money than the interest rate. The APR reflects the interest rate, any points, mortgage broker fees, and other charges that you pay to get the loan. For that reason, your APR is usually higher than your interest rate.
What the heck is APR? Real Estate can be confusing at times but the more you educate yourself the better your understanding will be. Today we learn what APR is!
Annual Percentage Rate - An annual percentage rate (APR) is a broader measure of the cost of borrowing money than the interest rate. The APR reflects the interest rate, any points, mortgage broker fees, and other charges that you pay to get the loan. For that reason, your APR is usually higher than your interest rate.
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Types of Contingencies
When you are in a real estate deal there are certain terms and conditions you must meet. These all are customizable and can be written where it is clear, but today we discuss what types of contingencies you most commonly see.
When you are in a real estate deal there are certain terms and conditions you must meet. These all are customizable and can be written where it is clear, but today we discuss what types of contingencies you most commonly see.