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2/1 buydown where the lender pays the difference in interest for the 2 years and not the seller
Manage episode 438337792 series 2979320
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First-time Homebuyers are able to purchase a home with a 2/1 Buydown at the wholesale lender's expense. If you purchase a home and the interest rate is say 6.375%, the 2/1 buydown allows you to pay 4.375% for the first year, then 5.375% the second year, and then 6.375% for the remainder of the loan
Normally the seller would pay the interest difference for year 1 and year 2, now the Wholesale lender will pay that expense so it is not a negotiating feature for you on the purchase of the home. It is paid for by your lender and does not have to go to the seller.
Elevated rates these past 2 years help to get the lower rate for a couple of years and with the probability of refinancing in that period of time
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