Hey folks, I hope you are doing well. Thanks for tuning in and watching this quick video on the inside track for this month. Excited to bring you something that just rolled out that is here to help affordability for folks that are purchasing a home or thinking about purchasing a home. We just rolled out a lender-paid, no-cost one-year buydown. What does that even mean, a one-year no-cost buydown? It’s a temporary buydown. You have your normal 30-year fixed-rate loans. Currently, as of the time I’m shooting this, you can get around six and a quarter with a little bit of money to buy that down. Or instead, you can do a no-cost one-year buydown. The overall rate is slightly higher on a normal 30-year, but for the first year, it’s a full 1% lower. In this example, the rate would be 5.499 for the first year, a full percentage point lower as opposed to 6.499. Instead of spending all the money upfront to do a permanent rate buydown at six and a quarter, what does all this mean? On a $700,000 loan, the monthly savings are pretty substantial. It’s about $336 a month, or about $4,000 for the first year. This allows us to get somebody into a home for less money. It allows us to bring tomorrow’s rates to today. You get tomorrow’s rates today, basically. In this example, if someone was going to borrow $700,000, they would be saving about $336 a month. Their overall payments would be $3,974 a month, not including taxes and insurance, as opposed to $4,300 a month if they spent money on the buydown. It’s a big deal. If you know someone that is looking to own a home in the near future, this special is going to run through the end of June. It’s a fantastic time to take advantage of locking in the pricing of homes for today and getting cheaper money down in the fives for the first year so that down the road you’d have the ability to refinance and take advantage of that. Hope this helps. If you have questions, please reach out, or if you know anybody that’s looking to own a home in the near future, would love to talk to them. As always, thanks for watching, and we’ll talk to you soon. Take care.
Why interest rates remain stubbornly high
Hey folks, hope everyone is doing well as the holidays approach. I wanted to share a quick update on the state of interest rates. I know, thrilling topic but for those sticking with me, there are a few important things to know. So, why are rates still stubbornly high?...
