Attention buyers, Seller is offering a financing concession to buy down your interest rate. It's called a 2-1 buydown. What is a 2-1 interest buydown A 2-1 buydown is a mortgage financing option where the interest rate is temporarily lower for the first two years of a loan, making monthly payments more affordable. Specifically, the interest rate is reduced by 2% in the first year then 1% in the second year. After the second year, the rate reverts to the original, agreed-upon rate for the remainder of the loan term. Who pays for this? Seller funds 2-1 by down by placing the money in an escrow account to make up the difference in the interest payments. Example: For example, if you have a 30- year fixed interest rate at 6.5, with a 2-1 by down would reduce your interest rate to 4.5 the first year and 5.5 the second year. The third year the interest rate would return to the original 6.5. Depending on where the interest rate is in 3 years, there is a possibility to refinance in this 3rd year. This well-maintained Calallen home is situated on a peaceful cul-de-sac with convenient highway access. Mature crepe myrtle trees grace your front yard. The living room features a vaulted and beamed ceiling, allowing for ample natural light. The master suite includes a walk-in closet and a separate vanity area. A wood-burning fireplace adds warmth and character. The kitchen boasts new granite countertops, a breakfast bar, and a tile backsplash. A new dishwasher is included. The home is equipped with central heat and air conditioning, recently updated. Ceiling fans provide additional comfort in every room. A separate washer and dryer area is conveniently located off of the kitchen. The built-in covered back patio offers a relaxing outdoor space, with built-in benches and access to electrical - lets hang those party lights. A 10x12 shed provides storage for your extra stuff. The fully fenced backyard ensures privacy. And the top notch Calallen school district is definite win.
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