the builder is buying down points to get my payment where i can afford it but the lender told me it was good

Asked by Richard, Murfreesboro, TN Tue Jan 20, 2009

for 1yr and the next 2yrs it would gain 1 percent every year does that sound right?

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Tony Grego, , Indianapolis, IN
Tue Jan 20, 2009
That is a different question from your first one posted. The builder is doing a 3-2-1 buydown. at the end of the third year the payments will go at least two points. In today's market it is a very good idea to get a long term fixed rate mortgage. Work with your builder for a price break if possible to help. If not you may be looking at a little to much house right now. Remember that your taxes will increase in the second year of ownership.

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