Tough financial times call for creative financing. Historically high mortgage rates and a cooling housing market have caused buyers and sellers to look for novel ways to stretch their dollar and seal a deal. Simply put, a mortgage rate buy-down is upfront money, often paid by the home seller (builders and lenders can also front the cost), to “buy down” the interest rate on the buyer’s loan for a period of time. This temporarily eases a buyer’s mortgage woes.
Full Article here: The Pros and Cons of a Mortgage Buy-Down for Homebuyers, According to Loan Experts
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