Incentives From Mortgage Companies
Did you know?? Mortgage companies are offering special loan programs to help off-set current higher interest rates!! Here’s a quick run down of a few.
Guaranteed Rate The “2-1 Buydown” program lowers monthly mortgage payments for the first 2 years of the loan.
3 options:
- 2-1; rate is 2% lower for the first year, 1% lower for the 2nd year and then in year three back to the original rate.
- 1.5 – .5; rate is 1.5% lower in year one, in year two it is .5% lower and then in year three it is back to the original rate
- 1 – 0; rate is 1% lower in year one and in year two and on back to the original rate
There is an upfront fee at closing, which varies based on the program, loan amount, etc. So it is not a program for all, however this may fit some specific client’s needs well. Certain qualifications apply.
Movement Mortgage is offering the same 2-1 Buydown!
Guild Mortgage Payment Protection Program gives buyers the confidence to purchase in an uncertain market.
- Purchase a home at today’s rates
- When interest rates drop, they can refinance to lower their payment
- Guild Mortgage will waive their lender fees on the refinance
Here’s a great article from Guild Mortgage’s Erica Davis about setting and achieving your financial goals.
Here is an interactive First Time Homebuyer Budget worksheet that is great for not only first time homebuyers, but setting financial goals as well! I know I need some assistance in this area!
Links are provided to the mortgage companies’ websites in text above. If you want me to connect you personally with one of them to get more customized information on loan programs that will work best for you, just let me know. I’m happy to make the introduction.
Have a great week!
Merrill
