Are you waiting for interest rates to drop BEFORE you look for a home?
Don't wait, you'll just end up paying more! We have solutions for home buyers to help you buy a home and save money on the interest rates!
We work with several lenders and have access to a myriad of solutions for you. Here are a few examples:
$5k Towards Down Payment + Rate Buy Down with Guild Mortgage
Guild Mortgage will contribute up to $5000 towards your down payment + they'll pay 1% of your mortgage to buy down your rate for the first year! It keeps your payment low and more money in your pocket. You can refinance when rates drop with NO FEES too!
Cross Collateral Loan
A cross-collateral loan is one in which assets that act as backing for one loan are used to simultaneously secure another loan. You can use your equity to qualify for new home loan without having to sell your home. If you are thinking of renting your current home you can use future rental income to qualify for a new loan as well!
“All in One” Loan
An All-In-One Loan is a mortgage that allows a homeowner to pay down more interest in the short term while giving them access to the equity built up in the property. Interest rates are NOT the focus of this not the focus of this loan. It combines the elements of checking and savings accounts, a mortgage, and a home equity line of credit (HELOC) all in one product and it will help you pay your home off FASTER! No need to sell your home - tap into the gaining equity to purchase another home and pay off both mortgages quicker than you think.
2-1 or 3-1 Buy Down
A 2-1 or 3-1 buydown is a type of financing that lowers the interest rate on a mortgage for the first two or three years before it rises to the regular, permanent rate. The rate is typically two-three percentage points lower during the first year and one percentage point lower in the second year. Example - If the market interest rate is 7%, you would pay 5% year one, then 6% year two, then the market rate year 3-30. But if rates drop, you can refinance! It's a WIN WIN!
Assumable Mortgages
An assumable mortgage allows a homebuyer to assume the current principal balance, LOW INTEREST RATE, repayment period, and any other contractual terms of the seller's mortgage. Rather than going through the rigorous process of obtaining a home loan from the bank, a buyer can take over an existing mortgage. Here is an example: If a seller has a 3% interest rate on a government backed loan and they owe $700k with a home market value worth $900k, you would take over the $700k loan (including the locked in interest rate of 3%) and pay the remaining $200k cash. OR, we located a lender that is willing to be in a second lien position to loan $200k with 10% down payment!
Lock & List with CMG
Right now, one of the biggest hurdles for most buyers is interest rates. With CMG Financial' exclusive List & Lock™ advantage, you can ensure buyers get a discounted market rate on their mortgage, AND you can advertise lower market rates in your listing and your open houses. It's a win/win for sellers and buyers. It helps you attract more interest, sell faster, and in most cases save more money than a price reduction. And it helps buyers gain the peace of mind of a lower interest rate and more affordable access to the American Dream.
Don't put your life on hold because of interest rates!
We keep up on "outside the box" solutions where you can leverage the unique products that our mortgage partners offer. Every client and situation is different, contact us to see how we can help!