Thinking about buying down the interest rate on your VA loan? Watch this first!
Love our videos? Then you'll love working with us even more!
=====================
Video Description:
Getting a low rate on your mortgage is important. And we've shared plenty of tips to help you make that happen. Today, we want to talk about another option you could use: purchasing discount points.
With discount points, you essentially pay some extra money upfront, during closing, in order to lower your interest rate on the loan. Each buydown point typically costs 1% of your loan amount, and will typically lower your rate by 0.25%. The main benefit of buying down your rate is long-term interest savings, so it can be a great option if you have extra cash and plan to stay in the home for a long time.
However, if you already qualify for a lower rate because you're getting a VA loan, then you might want to save your money and put it towards something else, like an emergency fund for all the unexpected costs that come with owning the home (check out this video for some examples: • First-time home buyer? Here's some ad... !) In addition, since the savings from discount points occur over the long-term, it doesn't usually make sense to purchase them if you're planning on moving soon, before the cost of the points is offset by the savings.
=====================
Give us a call today! 844-326-3305
Not ready to call? Text us! 385-257-3266
=====================
Want more from Low VA Rates? Like, subscribe, and follow us to stay connected with the latest VA home loan info.
=====================
DISCLAIMER: Eric is not a licensed loan officer. All advice given is for informational purposes only. For more detailed information, please call in and ask to speak with a licensed mortgage loan originator. This video is not applicable to borrowers in the State of Washington.
This video is not intended for residents or homeowners in the states of NY or MA.
