A rate buydown is a great strategy for buyers in this market?
With interest rates on the rise, most buyers feel like they're in a bit of a pickle right now. Rates were 3% in January, but now they’re approaching 7%, and prices continue to increase as well. Therefore, most buyers are feeling very fatigued and discouraged. If that’s you, be encouraged because I’m here to tell you about a great strategy.
Due to this market slowing down, buyers can ask the seller to provide a credit that can be applied toward an interest rate buydown. This lets you get a significantly lower interest rate, which makes mortgage payments more affordable. The seller also wins because they get their price, so everyone’s happy.
If you want more information about rate buydowns and the different types of programs available, feel free to reach out to me at (619) 200-3236. I’m happy to help!