Did you know that when you and your clients work with Luminate, for a limited time, you can lock in a 30-year mortgage with a 3-2-1 Buydown!
How does this work?
Essentially, the 3-2-1 Buydown is an agreement between the seller and buyer to fund an account that will subsidize the rate reduction of 3% of the interest rate for the first 12 months and a 2% rate reduction for the following 12 months and a 1% rate reduction for the following 12 months.
With the seller buying the rate to sell at full purchase 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 product
How it works (Example only subject to rate changing)
- Year 1_____ 4.625% (APR 4.723%)
- Year 2 _____ 5.625% (APR 5.729%)
- Year 3 _____ 6.625% (APR 6.736%)
- Year 4-30 ___ 7.625% (APR 7.743%)
- Year 1 $459.93
- Year 2 $313.83
- Year 3 $160.27
- Total Savings $11,208.36
Based on 3-2-1 Buydown with an example sales price of $250,000 and loan amount of $237,500. First year monthly payment on 3-2-1 buy down to be $1,221.08 based on a rate of 4.625%; 2nd year monthly payment $1,367.18 based on a rate of 5.625%, 3rd year monthly payment $1,520.74 based on a rate of 6.625% and remaining years of 4-30 monthly payment of $1,681.01 based on a rate of 7.625% (7.743% 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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