For a limited time, Harris Doyle Homes is sweetening the deal at SweetBay by offering $15,000 in incentives on select move-in-ready homes — and how you use it is totally up to you:
Wondering what a buydown is? We have you covered!
A buydown in the context of a mortgage is a way to temporarily or permanently reduce the interest rate by paying a lump sum at closing, often referred to as discount points. This can lead to lower monthly payments, especially in the early years of the loan.
How it works:
Buydowns involve paying a fee (typically a percentage of the loan amount) upfront to lower the interest rate for a specific period.
Types of buydowns:
- Temporary Buydowns: These reduce the interest rate for a set number of years, often 1, 2, or 3 years. Common examples include 1-1, 2-1, and 3-2-1 buydowns.
- Permanent Buydowns: These reduce the interest rate for the life of the loan.
- Benefits:
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- Lower monthly payments.
- Potentially lower overall interest paid over the loan term.
- Increased cash flow due to smaller payments.
- May help borrowers qualify for a larger loan amount.
- Considerations:
- Cost: There’s an upfront cost (discount points) that may reduce the overall savings if the loan is refinanced or sold before the buydown period ends.
- Interest rate increases: After the buydown period, the interest rate will likely increase to the original level.
- Seller-paid buydowns: Sellers (including homebuilders) may offer buydowns to help buyers afford a property
*This is for informational purposes only and not intended as professional advice or guidance. Please speak to your preferred lender for specific buydown plans, limitations and terms.*
Pair that with an unbeatable blend of nature, community, and convenience, and it’s easy to see why more buyers are making the move. SweetBay is where front porch chats, kayak mornings, and walk-to-school days are just part of the routine. With this offer, you’re not just buying a home — you’re upgrading your whole lifestyle.
Use it on a plan in our newest phase, Indigo Lakes, or step into a low-maintenance lifestyle by browsing select plans in The Cottages!
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