Happy Friday! As you are working this weekend and meeting with prospective buyers and sellers I wanted to give you some added tools for your tool box!
3-2-1 Buy Downs! These are sellers paid interest rate buy downs that help ease homeowners into their new mortgage. The borrower must qualify for the Note Rate but for the first three years the rate is lower.
Here are the basics the seller pays for the savings between the note rate and the buydown rate at closing. The lender holds these funds in an "escrow account" similar to the taxes and insurance escrow accounts. Each month the homeowner makes that lower buydown rate payment, and the lender takes out the monthly savings from the "escrow account". So, the full payment is being made but the buyer is making only a smaller portion of the payment.
Click on the video to see how this is helping first time home buyers in CA stay within the payment budget they have set but at the same time get into a home that they like and afford.
Be the HERO for your sellers and make their home stand out from the rest!
Call me at 480-313-7103 and I can provide you with information for your listings on the buy-downs!
AND do not forget to be the hero for your buyers! It is a buyers market and these buy downs are a great alternative to just covering the closing cost!
I am working when you are working this weekend! I am a phone call, text or email away from answering your questions or providing a prequal!