Bill Hornsby Real Estate

As a homebuyer in today's fluctuating market, you might be hesitant to commit until interest rates stabilize. However, a temporary buydown could be your secret weapon for making homeownership more affordable now while keeping your options open for the future. How Temporary Buydowns Work to Your Advantage A temporary buydown, like a 2/1 buydown, lowers your interest rate for the first two years of your mortgage. This means lower monthly payments when you need them most ... right after purchasing your home. The Hidden Benefit: Potential Refund on Early Payoff Here's an exciting feature many buyers don't know about: If you sell your home before the buydown period ends, you may be entitled to have the unused portion of the buydown applied to your loan principal. This means you don't lose out on the benefits you've paid for, even if your situation changes. Flexibility in a Changing Rate Environment If interest rates continue to drop, you can still take ...

When a home appraises for less than the sales contract price, it can create challenges for both buyers and sellers. However, there are several options available to move forward with the transaction. One of the most common solutions is to renegotiate the sales price based on the appraisal results. In this scenario, the seller may agree to lower the price to match the appraised value, allowing the deal to proceed without requiring additional funds from the buyer. Alternatively, both parties could meet in the middle by agreeing to split the difference between the appraised value and the contract price. For example, if there's a $20,000 gap, each party could cover $10,000. If the seller is unwilling to reduce the price, the buyer has options to make up the difference. One approach is for the buyer to bring additional funds to closing to cover the gap between the appraised value and the contract price. This would increase their down payment but allow the sale to proceed a...