Stewart Brown Jr – Mortgage Loan Originator – Purchase or Refinance
| A 3-2-1 mortgage buydown is a way for home buyers to reduce their interest rate in the first three years of their mortgage. In exchange for an up-front fee (paid in cash), a lender will lower the interest rate on your mortgage by 3% in the first year, 2% in the second year, and 1% in the third year—that’s where the 3-2-1 part comes from.
Once those three years are up, your mortgage will return to the standard interest rate you agreed on when the mortgage was finalized. If you use a fixed-rate loan (the only type of mortgage you should use, by the way), you’ll keep that interest rate until you pay off your house or refinance. |
| A 3-2-1 mortgage buydown is a way for home buyers to reduce their interest rate in the first three years of their mortgage. In exchange for an up-front fee (paid in cash), a lender will lower the interest rate on your mortgage by 3% in the first year, 2% in the second year, and 1% in the third year—that’s where the 3-2-1 part comes from.
Once those three years are up, your mortgage will return to the standard interest rate you agreed on when the mortgage was finalized. If you use a fixed-rate loan (the only type of mortgage you should use, by the way), you’ll keep that interest rate until you pay off your house or refinance. |
Reach out to me for further detailed information on 3/2/1 Temporary Buydown loan programs.