09/01/2022
In times of rising interest rates, affordability can suffer. Smart sellers, buyers and agents can offset the impact of higher rates with a Seller Paid Buydown. Did you know, for every 1% rise in interest rate, a Buyer's purchase power drops by 10%?
What is it?
Mortgage prospects often know they can lower the mortgage interest rate for the life of their loan by paying “points.” With a Seller Paid Buydown, the home seller pays points to reduce the rate for the buyer.
How does it help?
The Seller may be able to sell for a higher price if they include the Seller Paid Buydown concession; the Buyer gets a lower rate and lower monthly payment without paying the upfront cost of points.
Working with an experienced mortgage professional will help you discover solutions like this one. Reach out when you’re ready, and I’ll be happy to help you create a mortgage plan that works for you.
Helping families secure and maintain the dream of home ownership!
