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NewRez adds temporary rate buydown options for non-QM borrowers

Mortgage lender NewRez added the temporary rate buydown feature to its “Smart Series” non-QM products to leverage the growing group of non-traditional borrowers.

Borrowers of non-QM mortgages now have an option to reduce their rates by 3% in the first year, 2% in the following year and 1% in the third year – called a 3-2-1 rate buydown, the firm said Wednesday. Other options, such as the 2-1, and 1-0 rate buydowns are also available for non-QM mortgage products. 

For a 3-2-1 rate buydown, the seller contributes a lump sum at closing, which is put in the buyer’s details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com