Rate Reducer
Worried about high-interest rates? Buy now and keep your monthly payments low.
1st Priority Mortgage’s Rate Reducer is a 2-1 buydown agreement that provides the buyer a low-interest rate for the first year of the loan, a somewhat higher rate for the second year, and the full rate for the third year and beyond. The seller or builder covers the difference between the buyer's payment and the adjusted bought-down rate.
A win-win for both the buyer and the seller:
- Offering a below-market interest rate for the property will entice more buyers
- Saves the seller money upfront
- Saves the buyer money in the long run with lower payments and a temporary lower interest rate
- Helps hold home values for the area by avoiding a price reduction
Get Pre-Qualified
NMLS #29600. Contact 1st Priority Mortgage, Inc. for mortgage products and eligibility. 1st Priority Mortgage, Inc. is a Licensed Mortgage Banker, New York State Department of Financial Services-License number LMBC 107183. The Connecticut Dept. of Banking Consumer Credit Division-License number ML-29600. The Florida Office of Financial Regulation-Division of Consumer Finance-License number MLD2477. The New Jersey Dept. of Banking & Insurance. The Pennsylvania Department of Banking and Securities as a Mortgage Lender-License number 104688. All lending products are subject to credit and property approval. Terms, conditions, and certain restrictions may apply on all programs. Interest rate and program terms are subject to change without notice. This is not a commitment to lend. Contact a 1st Priority Mortgage Consultant for full details. 6000 Sheridan Drive, Williamsville, NY 14221 (888) 500-9733.
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