Great opportunity to help Sellers get a property sold without affecting the sales price. With the rising interest rate environment, sellers love this product. The benefit goes directly to the borrower.
A great way for borrowers to use any excess seller concessions
Creates monthly savings to allow the borrower to get settled in their home and be more financially flexible to purchase furniture, etc.
In this market and with our partners, borrowers will more than likely be able to refinance to a lower rate than the one they will adjust to after the 2 years
These new options will allow borrowers additional purchase power in certain situations and will allow brokers to continue to use UWM for more of their business
NOTE: If the property is sold by the Borrower and the mortgage is prepaid in full during the buydown period, the non-disbursed and available buydown funds shall be credited to the unpaid principal balance of the mortgage.
NOTE: If a refinance occurs, the buydown funds are held in an escrow account. These funds will be used to pay down the principal of the new loan.
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