Mortgage Rate Buydown

When purchasing a home, every detail matters, especially your interest rate. One strategy that many buyers overlook is the mortgage rate buydown. A buydown allows you to lower your interest rate for the first few years of your loan, or even permanently, by paying upfront fees at closing. This option can significantly reduce your monthly payments, offering financial relief when you need it most. Types of Mortgage Rate BuydownsThere are two common types of buydowns. A temporary buydown, such as a two one buydown, reduces your interest rate for the first two years. For example, your rate might be reduced…