How To Still Afford a New Home While Mortgage Rates Remain High
How To Still Afford A New Home While Mortgage Rates Remain High
There are a number of different mortgage options available that can give you a financial edge, such as mortgage rate buy-downs, which is a way to pay upfront for a lower interest rate later. Some lenders offer a 2/1 buy-down, meaning in the initial year of your loan, your interest rate is 2% lower than the current rate, and in the second year, it’s 1% lower. To qualify for this, you’ll need to make an upfront payment to the lender. When you reach the third year of the loan, the rate returns to current levels.
Another option is to…
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Courtesy of housedigest.com
Article by Sandy Baker