If you’re ready to buy the home of your dreams, but rising rates have kept you on the fence, there may be an option – a temporary rate buydown.
What’s a temporary rate buydown? With a cost paid by the seller or builder, your loan’s interest rate is ‘bought down’, meaning reduced, for an initial temporary period. There are no surprises; the rate buydown is adjusted each year by a set amount, diminishing gradually until it settles at the original rate with no reduction of mortgage payment at the end of the initial period.
This temporary rate buydown is available on Conventional, FHA, VA, and USDA loans. The initial lower monthly payment leaves more cash spare that’s yours to save or put to good use around your new home.
To find out more about how this offering can help you, contact Rebecca Ross at Elite Lending today!
Rebecca Ross, Branch Manager, NMLS-242063
Finance of America Mortgage, LLC
(808) 891-2005 or (808) 250-6482
Wailea Branch, 161 Wailea Ike Pl. Suite C101-4, Wailea, HI 96753