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  • Writer's picturecalemyrick4

What is a Mortgage Rate Buy Down? w/Kenny Nelson At Embrace Home Loans

Transcript: Hey what's going on? Guys Cale Myrick with Waters Ed Realty. I'm here with my good buddy. Kenny Nelson from Embrace Home Loans. Kenny 2024 is shaping up to be a pretty rough year for buyers to get into new homes. Is there anything that, you know your company may offer that you want to talk about that will kind of help the buyers get into those homes?

Sure. Cale.  We actually just rolled out a lender paid buy down. Buy downs are temporary rate reductions. We offer a 1-0 by down, which means that if you qualify for an interest rate in the sixes, then we would pay a buy down into an escrow account for you that would get you into the fives. So. you would have to qualify on the sixes, but your payment for that first year would be on the fives, and what we would plan to do for you in during that year is to watch the rates and if they go down any further and it makes sense, do a streamline low cost, no cost refinance for you.

Okay, so it allows people to get into the house cheaper than normal for at least a year, and if something positive were to happen with the interest rates, they would be able to refinance with you to lock in that 30 year interest rate at a lower interest rate hopefully. Correct. Correct.

Okay, yeah, well there you go there, you have it. So if you want to get into a home this year 2024, give me or Kenny a call and we will get you on the right path to home ownership.

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