After years of record-low mortgage rates, many homebuyers are frustrated by paying more than 8 percent interest to buy a new home. “Nobody loves rates in the high 7s or 8s, but they’re not sticker shocked like they were in the beginning,” said Nicole Rueth, senior vice president of The Rueth Team powered by Movement Mortgage. However, using mortgage strategies can reduce monthly payments and save thousands over the loan’s lifetime. Rate buydowns These strategies include 3-2-1 or 2-1 rate temporary buydowns on fixed-rate mortgages, permanent rate buydowns, adjustable-rate mortgages, cash purchases, and utilizing down payment assistance programs. A 3-2-1 mortgage buydown reduces the interest rate by 3% in the first year, 2% in the second year, and 1% in the third year.
How Savvy Homebuyers Use Mortgage Strategies To Cut Their Interest Rates
Sara B. Hansen, Denver Post: Business
Fri, 11/24/2023 - 6:48pm
Topics: nobody nicole rueth the rueth team movement mortgage rate jody petrillo supreme lending-denver right nathan spector aurora spector compare homebuyers on nov related articlesnovember october va the denver post rueth i for petrillo petrillo denver buyers spector november sponsored real estate voices loan buydowns seller offer buydown years cash permanent temporary year reduce colorado payments downpayment payment work preferred drop programs amount purchase pay sellers secure
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