Financing In-House, Silverton Mortgage, and 3-2-1 Buydown Programs
Financing In-House, Silverton Mortgage, and 3-2-1 Buydown Programs
January 8, 2024
Are you excited about purchasing your dream home but overwhelmed by the complexities of home financing? In this blog post, we will touch on financing with an in-house lender and the 3-2-1 buydown programs, explaining how they work and why choosing a lender like Silverton Mortgage can benefit you.
What Is the 3-2-1 Buydown Program?The 3-2-1 buydown program allows homebuyers to lower their initial mortgage payments for the first three years. It starts with a reduced interest rate in the first year, increases slightly in the second year, and returns to the original rate in the third year. This program provides financial flexibility during the initial years of homeownership when other expenses may require more attention.
Why Choose an In-House Lender?When you choose an in-house lender, you benefit from direct and efficient communication channels. With everyone working under one roof, including loan officers, underwriters, and processors, the process becomes streamlined. You can expect clear communication, personalized service, and quick response times.
Choosing an in-house lender often means faster processing times. Since they have control over the entire loan process, they can expedite the review and approval stages. This can be especially beneficial in competitive housing markets where time is of the essence.
Silverton MortgageLenders like Silverton Mortgage have the flexibility to offer customized loan programs tailored to your specific needs. They understand all the nuances of home financing and have a deeper understanding of the guidelines, restrictions, and incentives available to you. This translates into increased options and a higher likelihood of finding a loan program that suits your unique financial situation.
Right now, they’ve extended their rate drop protection program. So, if you’ve found a home you love, don’t wait on financing! If rates drop, you can refinance with Silverton Mortgage within three years and they will waive the lender and appraisal fees.* Take control of your homeownership journey.
You Can Have Your Dream HomeDon't let the fear of complex financing stop you from pursuing your dream home. Contact Legacy Homes to discuss your financing options and make your dream home a reality today!
*If rates decrease and you qualify for a refinance loan with Silverton Mortgage, Silverton will waive the origination fee on the refinance loan up to $1,425 and contribute up to $500 toward the cost of the appraisal for the refinance loan. Applicants are responsible for appraisal costs over $500. The original purchase loan must be locked between 11/15/2022 and 06/30/2023, and the refinance loan must close within 3 years of the closing date.