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Mortgage interest rates are currently low, but home sellers can give extra motivation to potential buyers their Saratoga home by offering an interest rate buydown.
Private Mortgage Advisors, an affiliate of Wells Fargo Home Mortgage and Alain Pinel Realtors has a temporary rate buydown option that can lower home buyer’s initial mortgage payments. That means turning lookers into home buyers.
This eases them into their mortgage. With the buydown program, qualified borrowers purchase a temporary rate discount as much as 3% below the established note rate. This discount can be offered by the home seller up to maximum allowable contributions.
Homebuyers like the temporary buydown option because it may give them an opportunity to purchase a Saratoga home right now—and the time to ease into their full payment schedule during the first few years of ownership. Homebuyers also like knowing that while their initial payments are lower, they are still reducing their mortgage balance because they’re paying both principal and interest each month.
Buydowns work with a variety of mortgage products, including FHA, VA, and other conventional loans offered by Wells Fargo Home Mortgage.
Including this option in your Realtor’s listings, internet presence and other real estate marketing will give a home seller one more way to differentiate themself in today’s competitive market. Since most Saratoga homes start over $1 million and most mortgages are non-conforming jumbo loans, financing is very important in making the sale.