Temporary Rate Buydowns Provide Relief Amidst High Mortgage Rates

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Sep 27, 2023, 14:34 ET

ALLEN, Texas, Sept. 27, 2023 /PRNewswire/ -- As mortgage rates soar to a two-decade high and home prices continue their relentless climb, potential homebuyers find themselves grappling with affordability challenges in today's housing market. The dream of owning a home has grown increasingly elusive. As a solution, Competitive Home Lending offers a temporary buydown, providing relief to buyers of existing homes similar to the incentives offered by new home builders, making homeownership more attainable.

Leveraging a wholesale mortgage rate for a temporary buydown provides homebuyers with the ability to secure a property now while waiting for more favorable mortgage rates to prevail. While this approach has proven effective for those interested in newly constructed homes, a significant portion of the market comprises potential buyers eyeing existing homes.

Temporary Buydown 101

The nation's leading retail mortgage lenders offer buyers lower wholesale rates, but astonishingly, fewer than 15% of homebuyers take advantage of the opportunity to save thousands of dollars. Understanding the unique needs of these homebuyers, Competitive Home Lending, a local Texas mortgage broker, has devised a solution that bridges the affordability gap for those seeking to purchase existing homes. By utilizing the difference between retail mortgage rates and wholesale rates, Competitive Home Lending is leveraging a temporary buydown opportunity that allows prospective homeowners to make their purchase today and potentially save hundreds of dollars every month, all while waiting for mortgage rates to stabilize.

Home Loan Shopping Tips

"Competitive Home Lending is committed to transforming the landscape of homeownership by offering solutions that cater to the unique needs of today's homebuyers," said Raul Hernandez, Wholesale Mortgage Broker at Competitive Home Lending. "In today's housing market, where soaring prices and rising mortgage rates have left many prospective homeowners feeling overwhelmed and uncertain, our temporary buydown initiative has the potential to save homeowners hundreds of dollars each month. It's our mission to ease the financial strain and enable them to achieve their homeownership goals with confidence. We believe in empowering our clients with the tools and support they need to make their homeownership dreams a reality."

About Competitive Home Lending NMLS 1047944:

Competitive Home Lending is a leading mortgage broker in Texas and Colorado. With a focus on home affordability, Competitive Home Lending is committed to providing homebuyers with direct access to wholesale mortgage rates from the nation's best mortgage lenders.

SOURCE Competitive Home Lending