![]() ![]() Those funds are paid to the lender in exchange for a lower mortgage rate. Here’s how those buydowns work: The seller agrees to what’s called a “concession,” essentially contributing a portion of their sale proceeds to the transaction. “ Rate buydowns that are paid for by sellers and builders are becoming fairly common to help drive home sales,” says Amit Patel, senior product manager for consumer lending at BMO Financial Group. It sounds counterintuitive, but sellers often pitch in to reduce a buyer’s interest rate - at least in high-rate markets like today. ![]() ![]() Hawaii Alaska Florida South Carolina Georgia Alabama North Carolina Tennessee RI Rhode Island CT Connecticut MA Massachusetts Maine NH New Hampshire VT Vermont New York NJ New Jersey DE Delaware MD Maryland West Virginia Ohio Michigan Arizona Nevada Utah Colorado New Mexico South Dakota Iowa Indiana Illinois Minnesota Wisconsin Missouri Louisiana Virginia DC Washington DC Idaho California North Dakota Washington Oregon Montana Wyoming Nebraska Kansas Oklahoma Pennsylvania Kentucky Mississippi Arkansas Texas GET STARTED 1.
0 Comments
Leave a Reply. |