Presentation Transcript
One on one :One on one Michael Ciavarini with The 2-1 BuyDown Mortgage Vice President | Certified Mortgage Planner
GuaranteedRate | 311 Summer St., Boston, MA 3% 4% 5%
Your Host: Michael Ciavarini :Your Host: Michael Ciavarini A T.E.A.M. Certified Mortgage Planner
V.P. of Mortgage Lending, Guaranteed Rate
http://www.GuaranteedRate.com/mikec
Host of “On The Money” radio personality,
Every Wednesday 6 to 7 PM on WBNW 1120 AM.
2-1 Buydown Mortgage :2-1 Buydown Mortgage What is it?
A 30 Year Fixed Mortgage
It is NOT an adjustable rate mortgage
In Year 1 it is 2% below your closed rate
In Year 2 it is 1% below your closed rate
In Years 3-30 it is at your closed rate
Prepaid Interest is due at closing
That is paid by the seller
Seller Concession :Seller Concession Did you know that on Fannie, Freddie, and FHA loans a seller can contribute up to 6% of the sale price towards your closing costs?
How It Works :How It Works * Rates as of 09/12/2009
Slide 6:On a sale price of $450,000 you would have to offer $353,000, some $97,000 less to yield the same monthly payment.
Who is this Mortgage For? :Who is this Mortgage For? 1st time home buyers.
Anyone who’s term of ownership is short.
Anyone who’s income starts low then grows fast.
Needs money for furniture, drapes etc…
Sellers to entice buyers with a low rate
How to get the Lowest Rate :How to get the Lowest Rate Utilize the 2-1 buydown option.
Negotiate a seller concession.
Send the savings to SAVINGS.
Schedule a FREE Consultation :Schedule a FREE Consultation Michael Ciavarini
311 Summer Street, 2nd Floor Boston MA 02210
Office (617) 532-6979
Fax (617) 830-0403
Cell (508) 662-5381
mikec@guaranteedrate.com
http://www.guaranteedrate.com/mikec Facebook Twitter [BOSMTGPLANNER] Follow me on…