United Wholesale Mortgage (UWM) this week expanded its temporary rate buydown offerings amid higher interest rates and fierce competition.
The Detroit-based lender now has an option for borrowers to reduce their rates by 3% during the first year of the loan, compared to the maximum 2% previously offered. UWM is also launching a lender-paid version as an alternative to the sellers-paid product, the company announced on Wednesday.
With temporary buydowns, borrowers pay a lower mortgage rate during the first, second and third years of their loans. After that, the full rate is paid for the remainder of the details ⇒
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