How to Get a 4.75% Home Mortgage RIGHT NOW!
In this informative video, Larry Mastropieri, broker/owner of the Mastropieri Group in South Florida, teams up with Emmanuel Saint Germain, owner of Choice Mortgage Group, to discuss a significant topic in the current real estate market. The video begins with Larry introducing himself and Emmanuel, setting the stage by highlighting the current market conditions where sellers are reluctant to sell due to their low interest rates, and buyers are hesitant to buy because of high-interest rates.
Emmanuel introduces a valuable concept called the "temporary buy down," a program that is currently a part of 20% of their business. This program involves a seller-subsidized rate reduction, which Larry confirms they have successfully used in multiple transactions. Emmanuel then dives into a detailed example to explain the concept further.
He starts by outlining a scenario with an $800,000 purchase price and a 5% down payment, resulting in a $760,000 loan amount. With the current standard interest rate at 6.75%, the principal and interest payment would be $4,929 per month. Larry reiterates this point, emphasizing the standard loan rate and its corresponding payment.
Emmanuel then explains the temporary buy down process. Initially, the interest rate is reduced to 4.75%, resulting in a significantly lower monthly payment of $3,964, saving the buyer $965 each month, which totals to $11,580 annually. Larry highlights the substantial annual savings.
Moving on to the second year, the interest rate increases to 5.75%, with a new payment of $4,435, still providing a $494 monthly saving compared to the original payment. Larry acknowledges this as a good deal. By the third year, the loan reverts to the standard 6.75% rate, with the monthly payment returning to $4,929. Emmanuel mentions that to achieve this temporary buy down, a total of $17,508 would need to be negotiated from the seller.
Larry explains that this tool is extremely beneficial in the current market, helping brokers close deals by offering buyers lower payments and aiding sellers in selling their properties without significantly reducing prices. He appreciates Emmanuel's insights and encourages viewers to subscribe to their channel for more content.
The video concludes with Larry thanking Emmanuel for his contribution and reminding viewers to like and subscribe for more informative real estate content.
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00:00 Introduction to Temporary Buy Down Program
00:38 How a Temporary Buy Down Works
1:10 Demonstration of a Temporary Buy Down
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