Get the Lowest Mortgage Payment - Lender Explains | Summary and Q&A

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August 30, 2023
by
Caton Del Rosario - Millennial Mortgage Pro
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Get the Lowest Mortgage Payment - Lender Explains

TL;DR

Discover unique strategies to save hundreds or even thousands of dollars on mortgage payments when buying a home in the current expensive market.

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Questions & Answers

Q: How can asking for a seller credit instead of a price reduction lead to more significant savings?

By using a seller credit to buy down the interest rate, monthly mortgage payments can be reduced significantly compared to just reducing the price of the home.

Q: What is a temporary buy down, and how does it help with saving money?

A temporary buy down offers lower interest rates in the initial years of homeownership, resulting in significant savings on mortgage payments during those years.

Q: How can paying upfront mortgage insurance instead of monthly payments save money?

By using a seller credit to pay off mortgage insurance in full, homeowners can avoid monthly insurance payments and save a substantial amount each month.

Q: Can these money-saving strategies be combined for even more significant savings?

Yes, these strategies can be stacked on top of each other, allowing homebuyers to maximize their savings by using seller credits for multiple purposes like buying down interest rates and paying off mortgage insurance.

Summary & Key Takeaways

  • Instead of lowballing the price, ask for a seller credit to cover closing costs and use it to buy down the interest rate, resulting in significant monthly savings.

  • Temporary buy downs offer lower interest rates for the first few years of owning a home, leading to substantial savings in the early stages.

  • Paying upfront mortgage insurance instead of monthly payments can save a significant amount each month, and these savings can be combined with other strategies for maximum benefit.

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