Have you found your dream home in Tampa but simply aren’t sure if you can afford it? Maybe you’re worried about mortgage interest, especially during the first years of owning a home. After all, mortgage rates are higher than they’ve been in years, sitting around 6.9% for a 30-year fixed mortgage.
If this is your hangup, a mortgage buydown can help!
A 3-2-1 mortgage buydown involves reducing the interest owed during the first 3 years of homeownership. In the first year, it will be reduced by 3%; the second year, by 2%; and the third year, by 1%. The initial rate will kick in during the fourth year.
Sounds like a pretty good deal, right? Buydowns also tend to increase when interest rates are rising, so you have a better chance of scoring one! If you’re interested in buying your dream home using a buydown mortgage, talk to me! I can help the negotiations go smoother than you’d ever expect.
