Buying a new home when you already own a home presents certain challenges. If you are a current homeowner and are looking to buy a new home without having to sell yours first, a mortgage recast might be your solution.
Mortgage markets seem to return to some normal behavior this week, trading mostly on economic data vs. political policy. Most economic data was generally stronger than expected, pushing rates up just a bit. We will end the week right at 6.5% for most 30-year fixed scenarios.
With higher mortgage rates and affordability concerns, many buyers are hesitant or struggling to qualify. Sellers, on the other hand, don’t always want to lower their price. A 2/1 buydown bridges the gap—offering a meaningful financial incentive to buyers without sacrificing the seller’s bottom line.
Most mortgage borrowers, knowingly or not, have had to choose between local experts or national, faceless internet-based companies that in some cases offer lower rates and fees.
With interest rates staying higher than recent years, buyers are looking for creative ways to make homeownership more affordable. One solution gaining traction is the lender-paid rate buydown — where the lender helps lower the borrower’s interest rate for the first year or two, without requiring a seller contribution.
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