Chronicle of a First Time Home Buyer Chapter 4

6/12, Cindy from D.R. Horton called to follow up on Rob and Tina. I explained that Rob was concerned that the monthly payment was at the top of the budget. I also told her that he was expecting a pay raise soon, but did not know how much it would be. Cindy suggested a 2 - 1 buy down, this is where the seller buys down the interest rate on the loan for the first 2 years. The first year the rate would be 2% below the going rate and the second year it would go up to 1% below the going rate, and finally it would lock in at the going rate for the remaining 28 years. The 2 - 1 buy down lowers the monthly payment for the first 2 year significantly.
I quickly calculated the monthly payments for all 3 interest rates and called Rob to give him the information. Rob quickly realized what a great deal they were offering, but still wanted to review their cart and make sure they saw the other homes they were interested in before they made an offer.

View Rob and Tina's cart click on this link: http://dabmls.com/day/plog.php?a=day&u=runter&p=3746

Visit one of my websites at http://selldaytona.com/ or http://www.venetianbay.org/