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Take more time, ask better questions: How loan officers are getting clients in homes as rates soar

With rates around 6.9% and home prices still near record highs, homebuyers are demanding that their loan officers provide options to lower monthly mortgage payments as much as possible.

Michael J. Barnes, a branch manager at Mann Mortgage, recently had a client who planned to live in a new home for five years before selling it. The client requested a cost analysis to compare monthly payments on a mortgage at 7.5% versus a 6.5% mortgage rate with a permanent rate buydown.

His client would pay $4,000 to buy down the rate by one full percentage point (100 bps) details ⇒

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