Interest Rate Buydowns
In a buydown mortgage the interest rate is reduced for the first 2 years of the Albuquerque mortgage then slowly grows to the final interest rate. The reduction that takes place in a 2-1 buy down is 2% less than the final mortgage rate for the first year and a reduction of 1% for the second year. By the third year the interest rate returns to the final rate for the remaining years.
The 3-2-1 buydown is another variation on the 2-1 buydown and works in the same way but the reduction lasts for a longer period of time. Buydown mortgages can reduce the amount paid by the borrower on a monthly basis but the payments will increase when the period of reduction ends. Contact your Albuquerque Lending & Realty home loan advisor in Albuquerque to discuss your buydown options further.
We Help First Time Home Buyers
First time home buyers often find themselves overwhelmed by the mortgage process when purchasing their first Albuquerque home. This is why at Albuquerque Lending & Realty we offer special mortgage programs to first time buyers. These programs usually offer lower interest rates, lower down payments, or reduced taxes. These special loan programs combined with the guidance of our experienced Albuquerque mortgage lenders at Albuquerque Lending & Realty will make your first home buying experience effortless.
Albuquerque Real Estate Information
At Albuquerque Lending & Realty we offer real estate information in Albuquerque and many nearby cities. Below is a brief list of some key areas where we offer our services, please browse through the information given about the areas to help guide you in finding a great location. If the area you are currently searching for is not listed below, then please contact one of our mortgage and real estate professionals today at 505.250.8171.
