Questions? Give us a call. We’re local. 1-806-647-9500
Gaye Crump | Sr. Mortgage Loan Originator | NMLS #793614
5.0 of 5 with 74 reviews
5.0 of 5 with 74 reviews
5.0 of 5 with 22 reviews
5.0 of 5 with 22 reviews
What is a buy down program?
You have a partner, us, prepay enough interest upfront to make it feel like you have lower interest rate temporarily.
Your interest rate stays the same for the life of your loan.
We prepay a portion of you payment at the time of closing, which could save you thousands in mortgage payments your first year.
A buy down program is:
You’re probably still wondering how this works…
The scenario
Imagine the purchase price of your new home is $450,000
You plan on making a 5% down payment.
You’re locking in an interest rate of 6.875% at the time your purchase.
That would make your loan amount $427,500 in this example
The deal
Year 1 your effective payment interest rate would be 5.875% making your monthly payment $2,529
Year 2 – 30 your interest rate would be 6.875% making your monthly payment of $2,808
That first year, you’d save $280 a month, which means we would pay and you would save $3,555 that first year.
The takeaway
You’d save $3,555 in year one!
That’s not money you have to pay later, it’s not deferred, and this isn’t an ARM.
This is a fixed rate for 30 years.
You’d save thousands of dollars in payments your first year that you’d otherwise pay if you didn’t choose to use a Buy Down Program.
If you’re buying a house this year, don’t throw money away that you could keep by using a buy down program!
You don’t have to have immaculate credit to qualify. Our buy down program works with most loan types: conventional, VA, FHA…
Give us a call or contact us online, we’d be more than happy to answer your questions.
They worked diligently and efficiently to get our loan closed. I was most impressed with how experienced, patient and responsive they were from beginning to end.
This was my first home purchase, and my pocketbook is not as large as many. Yet I never felt like a second class borrower. My agent, who was also amazing, told me that I lucked out with my loan officer and lenderl
Zemeda C.
Heroes that saved my opinion of the mortgage and buy process. Take my word for it, if you want a great company, wonderful service and an easy experience this is the way to go.
PJ H.
