florida home values; mortgage buydown; florida mortgage interest; florida home prices 2023

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.