2 simple ways you can lower your mortgage payments

You’re ready to buy a home, and as luck would have it, rates and house prices are through the roof! Don’t be discouraged — now, there’s a way to reduce your monthly mortgage payments. And it won’t cost you a dime.

It’s called a temporary buydown. A buydown lowers your monthly payments during the first one to three years of your mortgage. It’s kind of like paying points, only you don’t pay the upfront fee. The lender or seller pays the fee for you.

Lender Paid Buydown

Right now, Embrace Home Loans is offering a lender paid buydown. With this new buydown program, we will subsidize your rate for the first year of your mortgage — lowering your effective rate 1% for the first 12 months*. This will save you thousands of dollars.

Lender Buydown Highlights

• Embrace will subsidize your interest rate, lowering your monthly payments
• You’ll save interest during the buydown period

Seller Paid Buydown

Deflate the Rate is another temporary buydown program from Embrace. With this buydown, the seller pays the upfront fee — and you can lower your monthly payments for the first one to three years of your mortgage. It’s a great way to move into a home you love today. And down the road when rates shrink, you can refinance to an even lower rate. 

Deflate the Rate Highlights

• Reduce your monthly mortgage payments for the first one to three years**
• Save interest during the life of the buydown
• Put more upfront money into savings
• Start building equity sooner

We don’t like today’s high rates any more than you do. So if you’re ready to purchase a home and want to lower your monthly payments, contact us now. 

*The actual note rate never changes. The buydown amount depends on the amount contributed by the lender. The borrower remains responsible for the full amount of the monthly payment if, for some unforeseen reason, the buydown funds are not forthcoming. Terms are subject to change without notice and may not be available at the time of application. Loan amount and other restrictions may apply in certain areas. 

**The buydown amount depends on the amount contributed by the seller. The borrower remains responsible for the full amount of the monthly payment if, for some unforeseen reason, the buydown funds are not forthcoming. 
Assumptions. The monthly payment on a $300,000 30-year fixed-rate mortgage at an interest rate of 6% with an 80% loan-to-value (LTV) would be $1,799 with 2 points due at closing and an Annual Percentage Rate (APR) of 6.255%. Payment does not include taxes, insurance premiums, and certain other fees that will result in a higher monthly payment. Assumptions are based on current market rates and other factors. Mortgage insurance may be required for LTV >80%. If mortgage insurance is required, it will increase the APR and monthly payment. Terms are subject to change without notice and may not be available at the time of application. Loan amount and other restrictions may apply in certain areas.