When you work with Luminate, for a limited time, you can lock in on a 30-year mortgage with a 2-1 Buydown! How does this work? Essentially, the 2-1 Buydown is an agreement between the seller and buyer to fund an account that will subsidize the rate reduction of 2% of the interest rate for the first 12 months and a 1% rate reduction for the following 12 months. With the seller buying the rate to sell at full price, the buyer is getting a lower rate and lower monthly payment (for a limited time only).
- Buydown counts towards max seller contributions
- Available for primary or secondary home purchase
- Minimum 620 Credit Score
- Conforming 30-year fixed products
How It Works
(Example only subject to rates changing)
- Year 1 _______________3.5% (APR 5.76%)
- Year 2 _______________4.5% (APR 5.76%)
- Year 3 _______________5.5% (APR 5.76%)
- Year 1 _______________$676.85
- Year 2 _______________$348.29
- Total Savings _________$12,301.68
*Based on 2/1 Buydown with an example sales price of $600,000 and loan amount of $570,000. First year monthly payment on 2/1 buy down to be $3300.30 based on a rate of 3.5%; 2nd year monthly payment $3628.86 based on a rate of 4.5% and remaining years of 3-30 monthly payment of $3977.15 based on a rate of 5.5% (5.76% APR) Monthly payment shown includes Principal and Interest estimated taxes, insurance, and mortgage insurance. Conventional loans only. This is based on current rates which are subject to change.
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