How to save big

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Homebuyer Pro-Tip!


Thinking about asking the seller for a $20,000 price reduction? You might be leaving money on the table!

Instead, consider asking for a $20,000 seller credit to buy down your interest rate. The difference in your monthly payment can be huge.

Let's look at the math on an $800,000 home with a 30-year conventional loan at 6% (with 20% down):

$20,000 Price Reduction: Shaving
$20,000 off the purchase price saves you about $96 per month

$20,000 Rate Buydown Credit: Using that same $20,000 for an interest rate buydown could save you approximately $781 per month in your first year!

That's a significant increase in your monthly cash flow that can make a real difference in your budget.

⭐️ If you plan to live in your home short term this is not a good idea. If you plan to live in your home longer thsn 5 years then this is an option to consider. The guarantee is your rate can’t go higher than the rate you locked in at after the 2 years of buy down is up.

The idea is have the seller contribute towards the buy down cost or offer more for the home to get the seller to buy down the rate (same net to seller). Then if/when rates go down during the 2 year buydown period you can permanently refinance into the lower rate.

If you would like me to work through some scenerios or use a different purchase price I would be happy to help. Check back later in the comments. I will give an example of a $500,000 purchase price with $10,000 rate buy down with the math broken down.

Ready to explore smarter home-buying strategies? Whether you're buying or selling, give me a call/text.

Lets connect on Instagram @UtahHomesLaura
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