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Spinell Homes
1900 W. Northern Lights Blvd. Suite 200
Anchorage, AK 99517
Phone : (907) 344-5678
Fax: (907) 344-1976
Don’t let the high mortgage interest rates of today stop you from buying a home. Spinell Homes is offering an interest rate buy down for all move-in ready homes. A buy down lowers your interest rate for two years, saving you money and giving you time to refinance when rates drop.
With a buy down, your interest rate will drop 2% from the current rate for the first year of the loan. The second year, the rate will drop by 1%. The third year of the mortgage, the rate will return to the original rate from the day you locked into a contract.
Here’s an example:
If you were to purchase a home with a loan amount of $612,750 and locked into a rate of 7.125% the buy down rate would be 5.125% for the first year of your loan. This would save you about $9,500 the first year.
The second year of the loan your rate would be 6.125%, saving you about $4,800 that year.
The third year it would return to 7.125%.
These combine savings equal $14,300.
But the savings don’t stop there. Economists predict interest rates will drop in the next two years. When rates drop, you’ll be able to refinance at the lower rate. If you choose
NOT to use a buy down, the seller will often pay more in closing costs.
Don’t wait for interest rates to drop to get into your new home. When interest rates drop, home prices could go up and you can expect increased competition from all the people who waited for rates to drop.
With the Spinell Homes buy down you can get into a great home at an affordable rate.
NOTE: Rate buy down is only being offered on move-in ready homes.
Spinell Homes
1900 W. Northern Lights Blvd. Suite 200
Anchorage, AK 99517
Phone : (907) 344-5678
Fax: (907) 344-1976
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