In an environment like today where mortgage rates are elevated and home prices are rising, you want to do all that you can to make your home purchase more affordable.
Most homebuyers think that the easiest way to do this is to find a less expensive home or try to negotiate a lower price when they submit an offer.
The reality is, home buyers and sellers today are wasting a ton of money focusing on price reductions when there is actually a much easier and more effective way to make a home purchase more affordable – the 2/1 Rate Buydown.
Instead of asking the seller to lower the price of the home, we are seeing home buyers win BIG by negotiating that some of the seller’s concessions or credits go toward buying down the rate on their mortgage for the first few years.
The strategy has three main benefits:
- You will save money right away on your monthly payment.
- It costs the same to the seller (usually, even less than a price reduction).
- When the opportunity comes to refinance, any remaining buydown funds can be applied to the refinance cost.
If you’d like to learn more about the benefits of this strategy, or if you would like to see exactly how much a 2/1 buydown could reduce your new mortgage payment, please don’t hesitate to contact us today.
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HOME PRICES ARE REBOUNDING HOUSES
Most buyers look at home prices as a starting point to determine if they match their budgets. If you delayed your moving plans because you were concerned about home prices dropping, the latest data reveals the worst is already over, and prices are appreciating nationally.
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