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What is a 2-1 temporary rate buydown?

As mortgage rates hit 7% and above, loan officers are seeing new borrowers increasingly interested in options that can help reduce their initial mortgage payments. These borrowers are hoping that rates will decline enough in the next few years that a refinance will bring their payments down permanently. 

Options for borrowers include temporary rate buydowns and down payment assistance programs. Boise-based loan officer Blake Bianchi, founder and CEO at Future Mortgage, told HousingWire reporter Flávia Nunes that he’s seen an increase in borrowers choosing a 2-1 temporary rate buydown.

“About 50% of our clients are utilizing this program to achieve more details ⇒

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