Lender-Paid Buydown Program
FirstBank Mortgage offers a 1/0 lender-paid buydown program, which lets you take advantage of a lower interest rate for the first year when purchasing your new home.
How it Works
You qualify for a certain interest rate. With our 1/0 lender-paid buydown, we will cover the fees to lower your rate by 1% for the first year. Your rate returns to the original rate in the second year. Loans may be eligible for refinance every six months.
Benefits of a Lender-Paid Buydown
The biggest benefit of a lender-paid buydown is a lower interest rate for the first year of your home loan. A lower interest rate usually means a lower mortgage payment, and a lower payment over the course of a year can potentially save you thousands of dollars. Homeowners can use the cost savings from a buydown to fund future home projects, pay off debt or supplement an emergency fund.
Our local loan experts would be happy to discuss this program with you in more detail and provide a no-obligation rate quote that shows potential savings. Find a loan expert near you to get started!
Request a free rate quote.
See the potential savings on your loan.
Please ask your Mortgage Banker for costs associated with a 1/0 lender-paid buydown. Full documentation & property insurance required. Loan secured by a lien against your property. Fees & charges apply and may vary by product and state. Terms, conditions & restrictions apply, so call for details. All loans are subject to credit approval. Products and services offered by FirstBank. FirstBank Mortgage is a division of FirstBank. FirstBank Institution NMLS ID 472433. Member FDIC.