What is a 2/1 Buydown and How Does It Work?

Are you looking to save hundreds on your monthly payment when buying a home? In this video, we'll be discussing the concept of a seller paid temporary rate buy down and how it works. A temporary rate buy down is a bit different than a regular rate buy down, and not all lenders offer this option yet. However, it could be a great fit for those who need a lower payment initially, but are expecting an increase in income in the near future. We'll go over the two types of temporary rate buy downs, how they work, and the benefits and costs for homebuyers. Make sure to watch this video to learn more about this potentially valuable option for saving on your mortgage payments.