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In the prestigious community of Country Pointe Meadows in the heart of Suffolk County, owning a luxurious home like “The Eastbourne” or “The Devonshire” has become an achievable dream.
This article guides you through leveraging the 3-2-1 Buydown program on The Eastbourne 240 Bellmont Circle priced at $825,000* and The Devonshire 368 Wavell Ave priced at $815,000 offered by Beechwood Homes, Long Island’s premier lifestyle community builder.
The 3-2-1 Buydown isn’t just a mortgage option; it’s a strategic approach to homeownership:
Graduated Rate Reduction: This method temporarily lowers your mortgage interest rate for the first three years. Expect a 3% reduction in the first year, 2% in the second, and 1% in the third, before transitioning to the standard rate.
Immediate Financial Benefits: The initial years see significantly reduced rates, easing the financial burden as you settle into your new home.
Predictable Financial Future: Post the initial period, the rate reverts to the standard, allowing for long-term financial planning and stability.
Future Refinancing Potential: Ideally, mortgage interest rates will be lower at some point in the future and at that time, this strategy allows to comfortably refinance your mortgage at that time to enjoy the potential lower interest rate.
The 3-2-1 Buydown is a strategic approach to mortgage financing. It reduces the interest rate for the first three years of the loan term, easing the initial financial burden for homebuyers.
Year 1: Interest rate is reduced by 3%,
Year 2: Reduction of 2%,
Year 3: Reduction of 1%,
Year 4 onwards: Reverts to the standard rate.
Let’s consider a real-life example to understand how this works for a loan amount of $536,250, which could be applicable for a property like “The Eastbourne.”
Understanding the Impact. Loan Details:
Loan Term: 30 Years | Total Loan Amount: $536,250 | Down Payment: 35% | Standard Interest Rate: 6.85%
Second Year (4.875% Rate)
Third Year (5.875% Rate)
Fourth Year Onwards (6.875% Rate)
This case study highlights how the 3-2-1 Buydown eases the financial burden in the initial years of homeownership. It allows buyers to save significantly in the first three years.
Reach out to a sales consultant at Country Pointe Meadows today to speak with our preferred mortgage partner. Let’s make your dream home a reality.
Let’s consider a real-life example to understand how this works for a loan amount of $567,000, which could be applicable for a property like “The Devonshire.”
Understanding the Impact. Loan Details:
Loan Term: 30 Years | Total Loan Amount: $567,000 | Down Payment: 35% | Standard Interest Rate: 6.875%
First Year (3.875% Rate)
Second Year (4.875% Rate)
Third Year (5.875% Rate)
Fourth Year Onwards (6.875% Rate)
This case study highlights how the 3-2-1 Buydown eases the financial burden in the initial years of homeownership. It allows buyers to save significantly in the first three years.
Reach out to a sales consultant at Country Pointe Meadows today to speak with our preferred mortgage partner. Let’s make your dream home a reality.
