11/15/2022
Real talk coming at you about getting a mortgage this fall! 🍂
As rates inch higher, more homeowners are buying down their interest rates. Wondering what that means and if it’s right for you? Here’s the rundown on mortgage rate buydowns:
- A mortgage buydown is a way to lower your interest rate by paying discount points at closing. Discount points are a one-time, upfront fee.
- Each point costs 1 percent of the mortgage. For example, one point on a $200,000 mortgage would cost $2,000.
- Each point lowers the rate by 0.25 percent. So, one point would lower a mortgage rate from 6 percent to 5.75 percent for the life of the loan.
If you have the extra savings and can afford it, buying mortgage points may be a smart investment.
*In this current market, sellers and builders are offering to cover this*
If you have any additional questions about taking out a mortgage this fall, send me a text or DM and I’d love to go over them with you! I’m always here and happy to help! 🏡🔑🤍✨
Lauren Delgado
eXp Realty
📲 (210)500-4647
📧 [email protected]
