How a temporary rate buydown can help lower house payments amid rising mortgage rates
compared with 3.22% back on Jan. 6. Consequentially, home sales have s-l-o-w-e-d down and median home prices are flattening.
On a $600,000 loan balance, the year-one principal and interest payment at 4.625% would be $3,085. The year-two principal and interest payment at 5.625% would be $3,454. The year-three principal and interest payment and the remainder of the loan would be $3,842. This subsidy goes into an escrow impound account controlled by the loan servicer. The account balance is reduced each month as the subsidy is added as part of the temporarily reduced monthly mortgage payment.Let’s say you have an agreeable seller offering to pay all the buyer’s ordinary closing costs of $6,000, for example. Termite and other repairs come to $5,000. And don’t forget about the buydown costs of $13,740. This comes to a total of $24,740.
In my opinion, a recession is highly likely next year. What happens if mortgage rates drop within the next two years, and you want to refinance to a lower rate?
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