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A temporary buy-down mortgage, also known as a "buydown" or "rate buydown," is a type of mortgage in which the interest rate is temporarily lowered for the first few years of the loan. The benefit of a temporary buy-down mortgage is that it can make the initial payments more affordable for the borrower. This can be especially helpful for first-time home buyers or those on a tight budget. Additionally, the temporary buy-down can also help a borrower qualify for a larger loan by lowering their debt-to-income ratio in the short term. However, it's important to note that the interest rate will typically adjust to a higher rate after the buy-down period, which may increase the monthly payments
Disclosure: This licensee is performing acts for which a real estate license is required. C2 Financial Corporation is licensed by the California Bureau of real estate, broker #01821025; NMLS #135622. Loan approval is not guaranteed and is subject to lender review of information. Loan is only approved when lender has issued approval in writing. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. C2 Financial Corporation is an equal opportunity mortgage banker/lender. The services referred to herein are not available to persons located outside the state of California.C2 Financial Corporation is approved to originate VA and FHA loans, and has the ability to broker such loans to VA and FHA approved lenders. As a broker, C2 Financial Corporation is NOT approved by the FHA or HUD, but C2 Financial Corporation is allowed to originate FHA loans based on their relationships with FHA approved lenders.NMLS at http://www.nmlsconsumeraccess.org Mike Miller, Loan Originator, DRE #00962459,NMLS #248381
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