What is a mortgage Buy down option ?
Answer:
The buydown option is a process of trading money for a lower mortgage interest rate. The borrower "buys down" the interest rate on a mortgage by paying additional discount points up front.
It is also a mortgage in which an initial, lump-sum payment is made to temporarily reduce a borrower's monthly payments during the first few years of a mortgage.
It is also a mortgage in which an initial, lump-sum payment is made to temporarily reduce a borrower's monthly payments during the first few years of a mortgage.
