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Greg Ulrich
Loan Officer, Loan Officer, NMLS LO ID # 254799
Direct: (817) 812-2287
Fax: (608) 234-2407
Email: Send Email
Interest Rate 3% Below


Interest rates 3% below market:
I created this topic for two reasons:
One, it is something I see advertised by home builders to deceive you. You see the advertisement, “30 year fixed rate 2.5%,” and go to the builder’s model and get emotionally sold on that “new paint and carpet smell.” While there you are talked down to, “As if a fixed rate could be for 30 years that low. That’s just for the first year silly…Now sign here.” I know good people that work for large home builders. They do not like what their employer asks them to do. If you go to a home builder to buy a home, mark my words…. Hire a Real Estate Agent. In 99.9% of cases if a Realtor brings you to them they pay the Realtor. I know you are smart, but when a large volume builder is selling a home you better believe they want to make as much money off you as possible. This includes forcing you to use their lender and title company at a higher than market rate so they can make more money off you. If no one is there to represent you, all bets are off.   
And number two, if properly used there is a true benefit to the consumer with this program. The rate being 3% below market is true. If the current rate is 5.5% you can do a 3-2-1 temporary buy down. The first year the rate is 2.5, the second 3.5, the third is 4.5 and the remaining term is 5.5%. If this loan is an option in your best interest, we will present it to you. We have in the past paid for a 2-1 temporary buy down. Go to the Loans with and without closing costs topic for more detail of how we make this work. So yes, I paid for a temporary buy down where we bought the rate down to 3.5% the first year and 4.5% the second year. It was a situation to meet the borrowers housing expense and debt management needs. The question to ask yourself is what would you do with the payment savings? If the reason you give yourself is, “I want a bigger house and I can’t afford the payment at the higher rate,” then this is not the loan for you. A temporary buy down is just that, “temporary.” A lower payment for a few years has to have the right reasons behind it.
Greg Ulrich, Loan Officer, Loan Officer, NMLS LO ID # 254799
Fairway Independent Mortgage Corp. NMLS Entity ID#2289
1340 S Main St, Suite 195, Grapevine, TX  76051
Direct:  (817) 812-2287
Fax:  (608) 234-2407
Copyright © 2018 Fairway Independent Mortgage Corp.
Complaints regarding mortgage bankers should be sent to the Texas Dept. of Savings and Mortgage Lending, 2601 N. Lamar, Suite 201
Austin, TX 78705.
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