First Time Home Buyer?
Start your loan with a 2% lower rate the first year, 1% lower the next year, and then the normal rate for the remainder of the loan with a 2/1 buydown from Cambria Mortgage to help make those first couple of years as a homeowner more affordable.
As an example, the current 30-year fixed mortgage rate is 7%, a homebuyer could obtain a mortgage with a rate of 5% for year one, 6% for year two, and then 7% starting in year three and for the remaining term.
Using the same scenario, if you took out a $300,000, 30-year mortgage, your monthly mortgage payment during the first year would be $1,610. In the second year, your payment would go up to $1,799. Your monthly payment would then rise to $1,996 in the third year.
Keep in mind that this scenario doesn’t include taxes and insurance, so your actual monthly payment may fluctuate accordingly.
Next, this is commonly only offered with new construction, where they pad the cost of the buydown into your new home price. With the Cambria 2/1 buyer down, we cover the cost, allowing you to use it on ANY home!