Published On Jan 3, 2023
A rate buydown is a mortgage financing technique in which the borrower pays an upfront fee in exchange for a lower interest rate on their loan. This can be a useful option for borrowers who want to lower their monthly mortgage payments, but may not have the financial flexibility to afford a higher interest rate. The fee paid at the beginning of the loan is used to "buy down" the interest rate, resulting in a lower monthly payment for the borrower. Rate buydowns can be an attractive option for borrowers who plan to stay in their home for a long time, as the savings on monthly payments can add up over the life of the loan. However, it is important to carefully consider the total cost of the loan, including any upfront fees, as well as the borrower's long-term financial goals, before deciding if a rate buydown is the right choice.
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