Just in time for the holidays, we have some great news.
We shared last month that we had partnered with Premier Bank to offer a temporary rate buy down to help alleviate rising interest rates. Well…we’ve done you one better. We are now offering a permanent rate buy down!
While the rate reduction is permanent, the offer is not, so take advantage of this amazing promotion now!
The key difference is that unlike the 2/1 Buy Down offers you may have seen, a permanent buy down will reduce your interest rate for the life of the loan. You will not have to take the risk of rates continuing to be higher after a year or more.
Temporary buy down offers force you to return to the higher rate eventually, or refinance with the hopes that rates will have gone down after your rate reduction runs out. While this may be a reality, it certainly delivers peace of mind knowing that you won’t have to worry about that.
How a Permanent Mortgage Rate Buy Down Works
You’re essentially “buying” a lower rate for your entire loan term with a permanent mortgage rate buy down.
- By paying an amount up front–otherwise known as mortgage points–you can reduce your mortgage rate by as much as 2%.
- The rate never increases as long as you keep your loan.
- The buydown cost is paid at closing. The lender adds the cost of the mortgage rate buydown to your closing costs.
How Wayne Homes Is Helping
The best part of the December Permanent Rate Buy Down offer is that Wayne Homes is offering to cover the payment to buy down your rate! That’s right–we’re offering $15,000-25,000 to qualified prospects to cover the cost of the permanent rate buy down.
This offer allows you to take advantage of the best possible home prices NOW before they go up. Plus, you’ll get to enjoy your home’s appreciation, which will skyrocket when interest rates do go down and the housing marketing explodes. This is a win-win for our homebuyers!
Our Preferred Lender, Premier Bank, Makes It Easy to Apply
Premier Bank has a soft pull credit application, which will not affect your credit, so there’s no risk to apply and see what you qualify for! Premier Bank is happy to run the rates for you so you can get a clear picture of what you will pay, after you complete a quote on your new custom home from Wayne. If you act fast, it can save you hundreds–even thousands–a month on your mortgage payment!