PrimeLending - Lebanon

Not loving your rate options? 😕 I know how you can reduce your interest rate temporarily or even over the life of your loan. Two common options are discount points and a temporary buydown.

💡 Discount points are upfront fees paid by a borrower to get a permanently reduced interest rate for the life of the loan. One mortgage point typically costs 1% of the mortgage value and reduces the interest rate by .25%. Mortgage discount points are a good option when you plan to stay in the home for a while and can reach your "break even" point.
🏠 A temporary buydown is a lump sum paid up front to an escrow account that is used to lower your monthly payments temporarily, thereby reducing the effective interest rate on your mortgage for the first 1, 2 or even 3 years When a seller contributes those up-front funds, this reduces your expense during the buydown period to help you ease into the costs of homeownership.
No matter what your needs are, I have solutions to help you. 🤝

I know it's exciting when you finally find a house you love and you’re getting ready to move! 🏠✨ How you're going to decorate, what furniture you want to buy, etc. Here are some things NOT to do while you’re waiting to get to the closing table:
• DON'T deposit large sums of cash
• DON'T make any large purchases
• DON'T cosign loans for anyone
• DON'T switch bank accounts
• DON'T apply for new credit
• DON'T close any accounts
• DON'T change jobs
Bottom line — everyone involved in the loan wants the process to go as smoothly as possible. Before you move money around or buy that new car while you're under contract on a home, always make sure you consult with ME, your lender! 📝🏠