If you’re in the market to buy a home but find yourself unable to afford the house you desire due to increasing interest rates, there’s a simple solution to lower your rate.
Make your purchase more affordable with a rate buydown.
By considering the amount of funds you have available for a down payment and closing costs, a mortgage rate buydown may be an excellent option for you to potentially reduce your interest rate, making the home more affordable and helping you achieve your homeownership goals.
What is a rate buydown?
By opting for a mortgage rate buydown, you have the opportunity to purchase “points” during the closing process, resulting in a reduction of your interest rate. These points act as a financial investment that effectively lowers the overall cost of your mortgage, allowing you to secure a more favorable interest rate and potentially save money over the life of your loan.
Should I consider a rate buydown?
When interest rates are high, mortgage buydowns can serve as a powerful tool to decrease your monthly mortgage payments. However, it’s essential to connect with a SFMC Home Lending Loan Officer to review your financial situation and determine if a buydown is right for you.
CONNECT WITH A LOAN OFFICER
*Monthly payment estimates do not include taxes, insurance, and assessments. Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend. SFMC, LP is not affiliated with the U.S. government, HUD, FHA, VA, or any other government agencies. For additional information about SFMC Home Lending, visit sfmc.com or the NMLS Consumer Access page at www.nmlsconsumeraccess.org.