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Click ‘Get Form’ to open the temporary buydown agreement sample in the editor.
Begin by filling in the 'BORROWER(S)' section with the names of all borrowers involved in the agreement.
Next, enter the 'PROPERTY ADDRESS' where the mortgage will be secured. This is crucial for identifying the property related to the loan.
Specify the 'MORTGAGE TYPE' and fill in the 'NOTE RATE' and 'LOAN AMOUNT' fields accurately to reflect your loan details.
In the 'TEMPORARY BUYDOWN SCHEDULE', input each bought down interest rate, corresponding P&I payment at note rate, amount paid by borrower, and monthly subsidy payments for each year as outlined.
Review and ensure that all calculations are correct, especially in terms of total subsidy payments listed at the end of this section.
Finally, read through the 'TEMPORARY BUYDOWN AGREEMENT' terms carefully before signing. Ensure you understand your responsibilities regarding escrow funds and payment obligations.
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Temporary Buydowns The buydown funds may be provided by various parties, including the borrower, the lender, the borrowers employer, the property seller, or other interested parties to the transaction.
What is a temporary buydown agreement?
Dont do a temporary buydown, it is not financially beneficial to you unless the lender is paying for it, but that means theyll just give you a higher rate.
The purpose of this agreement is to explain certain aspects of the Buydown Mortgage Loan for which you, as Borrower, have applied. This agreement between
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