Karen DeGasperis REALTOR

Lower Your Mortgage Payments in San Diego with Temporary Interest Rate Buydowns

High monthly mortgage payments feel intimidating. 
 
You may be waiting for interest rates to come down so you can buy your next home.  Maybe you wish the interest rate was about 2% lower than it is today. Or even 1% lower would make a big difference in the monthly payment.  You believe interest rates will eventually come down and then you’ll be ready to buy.
 
You are not alone.  Many potential buyers in today’s market felt the same way. 
 
However, here’s what they found.  Temporary interest rate buy downs was their solution!!
 
What is a Temporary Interest Rate Buydown?
In a perfect world, you would have that 1%-2% off the interest rate right now.  This is what the temporary interest rate buydown does for you!  Here’s how it works.
 
• Year 1: You get 2% off your interest rate.
• Year 2: You get 1% off your interest rate more.
• Year 3 and beyond: The rate goes back to normal.
 
Benefits
This temporary buydown gives you the flexibility to refinance at a lower rate later when market conditions improve.
 
As wages generally increase over time, your mortgage payments will become more manageable in the future.
 
For our clients that are looking to retire and pay off their next home with cash, this can give you an option to buy your forever home with a lower monthly payment, and then sell your current home and pay it off with proceeds before the rates jump back up to normal.
 
Why Now
Don’t miss out on this prime opportunity to buy when you can get a lower monthly payment AND not have to get into bidding wars for a home.
1.  Get a lower monthly payment through temporary interest rate buy downs.
2.  More homes available.  Inventory is going up.  There’s more options on and off the market for buyers.
3.  Prices are stabilized.  When interest rates go down, you’ll be fighting on price when the other potential buyers start coming out again.
 
Conclusion
Get ahead of the game and own that home that will be going up in value. Don’t be the one fighting for a home in the frenzy.  We have a saying, “Marry the house, date the rate”.
 
If you’ve been thinking of buying or selling, let’s chat to help you find a solution that works for you!

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