Prove Your Worth: 4 Ways to Wow Your Buyers

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4 Ways to Overcome Higher Interest Rate Mortgages

1. Buy-Down Mortgages

A Buy-Down Mortgage offers temporary interest rate relief by lowering payments for the first few years of the loan. In a 2-1 buy-down, the interest rate is reduced by 2% in the first year and by 1% in the second year before settling into the full rate in the third year. A 3-2-1 buy-down extends this relief for three years, with 3%, 2%, and 1% reductions in each respective year.

The buy-down payment can be made by the homebuyer, seller, builder, or even the mortgage lender, and it’s designed to help make the mortgage more affordable early on. However, homebuyers should be aware that after the buy-down period ends, they will face a higher monthly payment at the full interest rate.

Buy-downs are typically available when purchasing or refinancing a primary residence or second home, but they are generally unavailable for investment properties or cash-out refinancing. Sellers and builders frequently offer buy-downs to make their properties more appealing by reducing the buyer’s initial payments.

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