What are lenders doing to encourage more people back in the market?

Mortgage lenders are offering more incentives than ever to help buyers make their home purchases a little more manageable.

With the rise of interest rates, many lenders are becoming creative to keep homebuyers “in the game.”

For example, we here at HouseAmerica Financial recently rolled out a $25,000 grant to help pay for homebuyers’ closing costs. In addition to paying for closing costs, the grant can be used to buy down the interest rate on the loan. This way, we are fighting high mortgage rates with grant money to assist homebuyers in achieving a lower rate.

Additionally, the 2-1 buydown has grown in popularity. What’s a 2-1 buydown, you ask?

A 2-1 buydown allows a homebuyer to lower their interest rate dramatically for a certain amount of time. In your first full year of owning the home, you’ll enjoy a 2% lower interest rate. In your second year, you’ll have a 1% lower interest rate. This program saves homebuyers thousands of dollars over the course of the first 2 years. This is especially important when you need a little extra breathing room on your monthly payment right when you move into your new home.

It's always important to align yourself with a lender that has your best interests at heart. Moreover, a lender who has access to the right products and programs to help YOU in YOUR specific situation. Not all lenders are willing and able to offer the best programs and rates, so make sure to speak with a couple before deciding on who you’re going with.

Guest Submission Written By Chandler Robbins

MORTGAGE ADVISOR | NMLS #2078163 CHANDLER@HOUSEAMERICAFINANCIAL.COM 818.854.3278 OFFICE | 818.919.1457 MOBILE 1010 FOOTHILL BLVD | LA CANADA FLINTRIDGE, CA