Choice Mortgage Group has expanded temporary buydown options for jumbo loans at a time when mortgage rates are still high, and borrowers have increased negotiating power.
The Boca Raton, FL-headquartered lender will offer borrowers of jumbo loans an option to reduce their mortgage rates by 2% during the first year of the loan and by 1% in the second year with a 2-1 buydown. The other option is to lower their mortgage rate by 1% during the first year with a 1-0 buydown.
Just like conventional, FHA and VA borrowers, jumbo borrowers will love saving on their monthly payment — and using those funds for additional expenses or upgrades.
Borrowers with temporary buydowns funded by a seller or builder pay a lower mortgage rate during the initial period of their loans, and the borrower’s reduced monthly payments are subsidized with money deposited into an escrow account. The escrow account is funded by either the seller or builder via a lump sum payment at closing.
See the example below:
*The principal and interest payment on a $1,200,000 30-year Fixed-Rate Loan at 6.750% and 80% loan-to-value (LTV) is $7,783.18. The Annual Percentage Rate (APR) is 6.848% with estimated finance charges of $12,000. The principal and interest payments, which will continue for 360 months until paid in full, do not include taxes and home insurance premium, which will result in a higher actual monthly payment. Rates current as of 12/20/22. Subject to borrower approval. Some exclusions may apply.
Choice Mortgage Group provides homeowners with the best real estate financing programs available. As a licensed lender in 11 states (and counting), we offer a wide variety of services and programs that satisfy the unique needs of each of our clients.
Specializing in residential mortgage lending, our programs include conventional and government lending, purchases, and refinances. We also offer portfolio lending for self-employed borrowers and borrowers with complicated tax situations. South Florida is where Choice Mortgage Group started, and we like to call it home. We are devoted Florida Atlantic University Owls fans and are proud to be the official mortgage lender of FAU Athletics. We also support numerous other local organizations. For more information about Choice Mortgage Group, visit www.choicemortgage.com.
Choice Mortgage Group
2424 N Federal Hwy, Suite 100
Boca Raton, FL 33431
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