Hello everybody! Welcome back to Suburban Snacks, where we not only inform you of current Real Estate topics but also review a different food item every month! This month’s snack is Sweetarts Jelly Beans! Before we review the snack, we’ll be informing you on how you can buy down your mortgage interest rate to make your home purchase more affordable! It’s not a shock that rates are on the rise. This means that lenders may offer a mortgage financing technique — known as a mortgage rate buydown — that allows you to pay extra money to get a lower rate. A buydown mortgage rate can be permanent or temporary, and understanding the differences between the two will help you decide if it’s worth the extra expense. According to LendingTree, a mortgage rate buydown is a financing arrangement that gives a borrower a lower rate for a certain number of years or for the life of the loan. The borrower pays mortgage points at closing to cover the difference between the standard rate and the lowered rate. There are many different options when it comes to permanent and temporary buydowns and how they work over the life of the loan. We encourage you to get advice from an actual lender on the specific programs they offer. Because we at Suburban help people become homeowners, we’d like to briefly discuss how you can pay for a mortgage buydown as a buyer. There are three ways to pay for a mortgage rate buydown: You can cover the cost yourself, ask the seller to pay for it, or finance it into your loan. We are seeing what’s called seller concessions, with some of our deals today. The seller agrees to credit you as the buyer a certain percentage of the purchase price. You can then take that credit and apply it to buy down your interest rate to make your monthly payments more affordable. So, if you are someone looking to invest in Real Estate in this current market then we at Suburban would love to help! Do you like Sweetarts Jelly Beans? Let us know in the comments below. That’s going to do it for us here at Suburban Snacks. If you have any questions or would like to get in contact with us feel free to check out our website at suburbanrealestategroup.com. Also, make sure to click the link below to follow us on Instagram. Thanks for watching, my name is Cade Olof and we will see you in the next one! https://www.instagram.com/suburbanrea…