Depending On How Long You Plan To Be In Your Home, A Rate Buy Down May Make Lots Of Sense!

One option you will have when finalizing your loan terms with your lender will be buying down your mortgage interest rate. 

Current mortgage interest rates are right around 6.7% -- but you very likely will have the option to pay some extra closing costs to buy down that mortgage interest rate.  The more you pay, the lower that rate will go - and the that lower rate will last for the life of your loan.

Of note, if you think you might be selling your home within two to three years, it might not make sense to pay thousands of dollars up front to secure a lower than market interest rate -- but your lender can help you determine the length of time you would need to be in your home to make the cost of the rate buy down make sense.

If you know (or believe) you will be in your home for many (many!) years to come, you may very well want to go ahead and buy down that interest rate.

There are lots of options to consider when securing a mortgage, and if you have questions about the many different options, feel free to run them by me.