05/24/2024
If you’re contemplating on buying a home today, stop.
Now is the time to buy while prices are still low. Why? Because when the rates end up dropping, buyers will enter the market, increasing demand, thus increasing prices and you will see a lot of bidding wars.
I’m sure you’ve heard of the phrase “Marry the Home, date the rate.” But that alone doesn’t mean anything. I can help you strategize with an introductory rate reduction through what’s called a 2-1 Buy Down (there is also a 3-2-1, 1-1, and 1-0 buy down). These programs are funded from seller credits (you won’t get any in a market where demand is high) and right now, Supreme Lending is contributing to your buy down program as needed.
How does it work?
For a 2-1, if your nominal interest rate is 7%, the effective rate for the first 12 months will be 5% (2% less than your agreed-upon rate), 6% for months 13-24, and then back at 7% for the 3rd year and onward. (Values are hypothetical)
The concept and idea behind this is to get you into a home before pricing is out of your reach. When the introductory buy down period is over, rates should be in a better spot where you can then do a rate and term refinance. If rates get to a better spot within the first few years and you decide to refi before buy down is fully used, the remainder will be credited toward the principal balance.
In addition, Supreme also has access to funds for Down Payment Assistance of up to 5% (620 min FICO) which is great because some loans’ minimum down payment is 3%-3.5%. These programs vary but many are forgivable, note that this program has limited funds - don’t miss out
Apply and Get Pre-Approved:
https://www.supremelending.com/start/?lar=adrianleos
NMLS 2554794
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