Real Estate Finance Strategy that Few People Consider
If you are considering a new home loan anytime soon, and you
do not want to get an adjustable rate mortgage (remember, ARMs
are very strong loans), you should consider a 2/1 buydown.
This is a great mortgage program for people who require a
smaller payment now, knowing that they will have more money in
the following years.
Here's how it works.
You pay an additional premium on your loan amount to get a 2
percent improvement on the rate. So, if the 30-year fixed rate
mortgage is 6 percent, you will get a rate of 4 percent in the
first year of your loan. In the second year, your rate will go up
one percent to 5 percent, and in the third year, your rate will
increase to the rate it was when you locked in your loan, the 6
percent in this example.
Then, it will remain fixed at that rate, until you pay it off,
sell or refinance.
For people afraid of adjustable rate mortgages, this is a very
powerful loan. It's also great for people buying their first home
or for newlyweds, who think they have to rent, before buying.
Remember, there are many ways to get into a home. This program is
one of them.
Mark Barnes is the author of the new novel, The League, the
first work of fiction, based on fantasy football. He is also an
investment real estate and home loan finance expert. Learn more
about this suspense thriller at http://www.sportsnovels.com.
Get his free mortgage finance course at http://www.winningthemortgagegame.com
MORE RESOURCES updated Fri. October / 19 / 2018
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