As Listing Broker for Newark Homebuilders, LLC, we are excited to share an interest rate reduction program offered through Newark’s Preferred Lender, Jason Weber of Fairway Independent Mortgage Corp. Jason at Fairway Mortgage can offer many different loan products to help fit your needs. Newark Homebuilders partnering with Jason at Fairway Mortgage, they have came together to offer competitive products to help keep your new home purchase initial interest rate more affordable. Below are a few options to help lower the monthly payment of your new home purchase. As always, please contact Jason with all your mortgage lending questions.
2:1 Buy Down Loan: – This Temporary Buydown product can help to lock in your rate for the first 2 years of your mortgage at a lower rate, potentially saving you hundreds of dollars a month. This loan product would lock in the rate of the mortgage at 2% less than the current rate for year 1 and 1% less than your current rate for year 2 (ex: If your rate is 5.5%, they can lock your first year of your mortgage in at 3.5%, second year at 4.5% then your remaining years would be at 5.5%). The goal with this product is to hopefully keep the rates lower and closer to where they were in 2021 and give you a 24 month window to hopefully have an opportunity to refinance at lower rates. The fee for this product is based on loan amount and interest rate, but depending on both factors, the entire fee for this product could potentially be covered by the seller, at no cost to the borrower. Seller & lender will cover up to the first $7,000 of this loan program fee. For example, a current rate of 5.5% (30 year mortgage rate) on a $324,000 loan this fee could be fully covered by the seller with an accepted offer acknowledging a buyer was using this program offered through Jason at Fairway Mortgage. Call Jason for more information or Click here to read more about this product.
Interest Rate Buy Down: Looking for a long term solution, there’s an option for that too! With this option, you can apply the $7,000 to buying the mortgage interest rate down. This is a 1 time fee and Seller can agree to pay this fee at closing. For example, based on a $300,000 loan, this could potentially buy down the rate by .5% or possibly even more! Based on rates of 5.5% (and $300,000 loan amount), buying the rate down to 5% would save you over $30,000 on the life of the loan.
DISCLAIMER: Best Realty of Edgerton, LTD has no ownership in Newark Homebuilders, LLC or Fairway Independent Mortgage Corp. and is the Listing Broker for Newark Homebuilders, LLC. These products are being offered by Newark Homebuilders & Fairway Mortgage as a bonus to a Buyer to purchase a new construction home through Newark Homebuilders by lowering loan fees and rates for Buyers. Rates, fees and charges listed above are only estimates and may vary due to changing interest rates daily. The information on this page is subject to change at builder’s discretion at any time. $7,000 total credit is a combination of a $6,000 seller credit and $1,000 credit from Fairway Mortgage at closing of purchase. Credit would be addressed in an offer to purchase and applied at time of close. Offer is only valid through Jason Weber at Fairway Mortgage and for a completed new construction home built by Newark Homebuilders. This offer is valid until 12/31/2022. Newark Homebuilders reserves the right to remove this offer at anytime prior to the expiration date. This offer is valid only for new customers as of 7/13/2022 and is not available to buyers currently under contract.