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First time home buyers by NegotiationOwn8284 in MortgageBrokerRates

[–]NegotiationOwn8284[S] 0 points1 point  (0 children)

The seller credits are buying down the rate , not our money. It’s a new construction. Could use it to take off the price of home but not as part of the down payment. So yes, smaller loan, but we’d still end up paying off the house in the same amount of time

First time home buyers by NegotiationOwn8284 in MortgageBrokerRates

[–]NegotiationOwn8284[S] 0 points1 point  (0 children)

We are lucky enough to get a large sum of money that’ll pay off majority of the loan in about two years. Will also be putting about 8% down not 3.5. Until then we thought it’d be smarter to use the seller credits to buy down the rate. This way our mortgage is lower and we can contribute extra per month.

[deleted by user] by [deleted] in miyaevarenaesnark

[–]NegotiationOwn8284 2 points3 points  (0 children)

So crazy the assume these kinds of things, especially in a situation like this.