Reduce your interest rate for the first two years!*
Now is the time to make your move! Take advantage of lower mortgage payments for two years with the 2-1 fixed rate buydown option from our preferred lender, First Equity Mortgage. It could save you thousands of dollars.
With a 2-1 buydown, your payments will be based upon an effective interest rate 2% lower than the original, locked-in rate in year one. In year two, your payments will be based on a rate that is 1% less. Sounds pretty good, right? Drees Homes is covering the difference between what your payment typically would be and the adjusted, bought-down rate when you contract to purchase a select quick move-in home between January 19 - February 2, 2023 and close within 45 days of contract. Don't miss out!
Let's break it down:
Looking to build? The 2-1 buydown program is also available in most markets when you contract to build between January 19 - February 2, 2023. When purchasing a to-be-built home, the 2-1 buy down rate will be based on the current market rate at the time you lock in your mortgage rate.
*Example for a 2-1 buydown on a 30-year conventional fixed rate mortgage: in the first year, borrower payments will be based on a 3.49% interest rate (5.52% Annual Percentage Rate, or APR), second year 4.49% interest rate (5.52% APR), then 5.49% interest rate (5.52% APR) for the remaining 28 years. The APR does not consider any other loan specific finance charges you may be required to pay. Example shows a 30-year conventional loan for an owner-occupied home with a sales price of $500,000, loan amount of $400,000, 740 credit score and 20% down payment. Loan products are subject to standard qualifications and credit approval. Government and Adjustable Rate Mortgages are not eligible for this program. The 2-1 buydown option is available on Jumbo loans, but at a different interest rate. Contact your First Equity Mortgage loan officer for details. Rates, terms and conditions are subject to change or withdrawal without notice.
The 2-1 buydown is valid on firm, non-contingent purchase agreements for eligible, owner-occupied, quick move-in homes on purchase contracts that have been accepted by Drees Homes between January 19 - February 2, 2023. Home must close with First Equity Mortgage within 45 days of contract date. The 2-1 buydown option is available for build-to-order homes in most markets where borrower payments for the first year will be based on an interest rate 2% below current market rate and the second year's payments will be based on an interest rate 1% below current market rate. In the 3rd through 30th years, payments will be based on the original locked-in rate. The 2-1 buydown program may be combined with the DreesFreeze extended rate lock program and Flex Cash incentives, if available. Subject to buyer qualification.
Buyer is not required to finance through First Equity Mortgage to purchase a Drees Home; however, buyer must use First Equity Mortgage to receive the 2-1 buydown option. Other restrictions may apply. First Equity Mortgage, Incorporated is a wholly-owned subsidiary of The Drees Company located at 211 Grandview Drive, Suite 102, Fort Mitchell, KY 41017. Equal Housing Lender.
See First Equity Mortgage loan officer for details. For First Equity Mortgage Licensing information, click here.