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The 2/1 Buydown can help save you a ton of money, but how exactly does it work?

In this video you'll learn how a 2/1 buydown works, the pros and cons, and who and who should not use a 2/1 buydown when buying a home.

A 2/1 buydown is a mortgage agreement that provides for a 2% lower interest rate for the first year of the loan, a 1% higher rate for the second year, and then the full rate for the third and later years.

In a 2/1 buydown, the interest rate will increase from one year to the next until it settles into its permanent rate in year three. To make up for the interest that they won’t be receiving in those early years, lenders will charge an additional fee. This fee is paid for by the seller into a "buydown subsidy account"

This helps you as a home buyer afford a larger mortgage and also buys some time while waiting for rates to get lower. But as with all things, make sure you can afford it in the end, not just during the buydown period.

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Boring legal stuff:
Licensed by the California Department of Business Oversight NMLS 1410686, a Licensed Representative of American Mortgage Network NMLS 1833427 Equal Opportunity Lender. All thoughts and opinions are my own, not of my company. Any rates, terms, programs, etc. mentioned in these videos are hypothetical and are not an advertisement or promise to lend. Your actual mortgage terms might vary based on qualifications. Always consult a licensed mortgage professional in your area.