You've heard of the 2-1 buy down, but what is it really? What about other loan options like discount points or a single MI pay down?
0:00 - Introduction 1:49 - 2-1 Buy Down. This is what it is and the calculations on how it works. The buy down is NOT paid by the buyer. 2% less rate first year. 1% less rate the second year. 3rd year is the normal rate. Buyer has to qualify for the loan at the regular rate. Be ready for not only the rate increase, but ALSO the escrow increases (taxes and insurance). 8:03 - Discount Points. 1 discount point costs 1% of the loan, reduces the rate by 1/4 point, and is a permanent reduction for the life of the loan. 10:54 - Single-Premium Mortgage Insurance. Pay it all at once, up front, you'll save a couple hundred dollars per month, and several years of mortgage insurance. 14:16 - What'd we learn today? 16:17 - Out Takes.
* No loan officer egos were harmed in the making of this video. Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate: Tyler Cazier: 801-210-0230 Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage: NMLS: 178787 Jason Christiansen: 801-669-7271 NMLS: 240472
A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.
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