With a 1-0 Buydown, the lender covers the cost of one percentage point's worth of interest for the first year of your loan.
With a Buydown loan, the homeowner can benefit from lower monthly mortgage payments for the first year. This type of loan is worth considering for first-time buyers looking to ease into homeownership.
A Buydown is not a specific type of loan, think of it as a feature that can be added to a loan.
If you're interested in exploring buydown loans further, contact us at Norstar Mortgage Services Inc. today. We're here to help you navigate the home loan process and find the best option for your financial needs.
