Blog Entries Tagged: mortgage
Found 2 blog entries tagged as mortgage.

2-1 Buydowns

Mortgage buydowns are nothing new, but have recently been making a big comeback with interest rates in 2022 into 2023. You may or may not have heard of them before, but you’ll want to be familiar with the pros and cons of using a mortgage buydown before purchasing your next home.

Jump to a Section:

  • History of 2/1 Mortgage Buydowns
  • What is a 2-1 Buydown and How Does it Save You Money
  • Upfront Cost
  • Not a Permanent Solution
  • Consumer Behavior
  • No Guarantees on Interest Rates

     

History of 2/1 Mortgage Buydowns

With homebuyers searching for ways to lower their mortgage rates, a previously popular home-selling strategy is making a comeback. Known as a temporary buydown and commonly referred to as…

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Will interest rates stay low, or should you act now before they rise again?

  

In 2020, buyers got a big boost in the housing market as mortgage rates dropped throughout the year. According to Freddie Mac, rates hit all-time lows 12 times this year, dipping below 3% for the first time ever while making buying a home more and more attractive as the year progressed (See graph below):

 When you continually hear how rates are hitting record lows, you may be wondering: Are they going to keep falling? Should I wait until they get even lower? The challenge with waiting is that you can easily miss this optimal window of time and then end up paying more in the long run. Last week, mortgage rates ticked up slightly.

While rates are still lower…

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