home sellers: Tips To Help TO Sell Your Home Faster
- 12/13/07 07:54 AM
2-1 Buydown Mortgage This mortgage is a 30 year fixed product. It is not an adjustable rate mortgage. This type of mortgage gives the potential borrower the means to have the first two years of their mortgage at a reduced payment. Think of it as a subsidy for the borrower that is placed into an escrow account with the lender. The subsidy would work like this: The buyers have been approved for a mortgage at $150,000 with an interest rate at 6.5%. Their principal and interest payment on this mortgage would be $948.10 a month. Let's assume that any one of these scenarios involves … (1 comments)
2-1 Buydown Mortgage;)
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