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Buydown
An interest rate buydown will decrease the interest rate for the first 1-2 years. There exists in the mortgage industry both a 1 year buydown and also a 2-1 buydown. For example in a 1 year buydown, let’s say the starting interest rate is 6%. For the first year, thanks to the buydown, the interest…
Read MoreBuydowns
An interest rate buydown will decrease the interest rate for the first 1-2 years. There exists in the mortgage industry both a 1 year buydown and also a 2-1 buydown. For example in a 1 year buydown, let’s say the starting interest rate is 6%. For the first year, thanks to the buydown, the interest…
Read MoreHome Insurance
Home insurance on your new home is required to approve financing for your home. Home insurance is also often referred to as homeowner’s insurance or hazard insurance, and these terms are interchangeable. You’ll need to choose an insurance provider and agree to the coverage, deductibles, and cost for them to finalize the policy. You…
Read MoreFederal Home Loan Bank
As of 3/19/25 FHLB is suspended due to exhausting funds. It is possible there’ll be more funds later this year but that is unknown. The Federal Home Loan Bank (FHLB) program provides a $15,000-$20,000 grant or forgivable loan to be used towards down payment and closing costs. There are three programs: The Workforce Housing…
Read MoreHow do we determine how much you qualify for?
You may already have a payment range you’ve determined that would work for you. But when people think about getting pre-approved for a maximum loan amount, we have our own system for determining what we think would work for you. When asking about a maximum amount you can borrow, what we really look at…
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