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For example: A builder and borrower agree to a “2/1” Temporary Buydown. The borrower is qualified and locks in an interest rate at 6.5%. With the Temporary Buydown, the borrower’s rate would decrease by two points in year one, one point in year two, and then would be the full interest rate by year three. So in this example, the rate would decrease to 4.5% for the first year, 5.5% for the second year, and then stabilize at 6.5% from the third year onwards.
As you consider a temporary buydown, it is essential for you to carefully evaluate the financial implications, including the upfront costs, the length of the buydown period, and the potential long-term expenses, to determine if it aligns with your specific circumstances and financial goals. Consulting with one of Leaders Mortgage Champions can provide further guidance tailored to your specific situation.
