Mortgage Temporary Buydown
HomeBuying Made Affordable
With a temporary buydown2 from SouthState Bank, you can lower your monthly mortgage payment for up to the first three years of your mortgage loan.
Mortgage Temporary Buydown
To lower your monthly mortgage payment using a buydown, the seller contributes funds to an escrow account at closing that is used to lower the initial rate of interest you pay. Each month a portion of the buydown fund is used to subsidize your mortgage payment, which reduces the monthly principal and interest payment for the first 1, 2, or 3 years, depending on your agreement. The buydown option is determined with the seller when purchasing your new home.
With an increase in mortgage rates, this could be a great option for you to lower your monthly mortgage payment.
With an increase in mortgage rates, this could be a great option for you to lower your monthly mortgage payment.
SouthState Offers Three Buydown Options
SouthState Offers Three Buydown Options
Get Started
Get Started
- Rates, terms and conditions offered are subject to change without notice. All loans are subject to credit approval and program guidelines.
- Temporary Buydown option available for purchase of primary residence only. Borrower must qualify at the Note Rate to be eligible for Temporary Buydown.
- Buydown funds shall be applied monthly in an amount equal to the amount necessary to reduce the Borrower’s monthly principal and interest payments during the Buydown Period by the difference between (i) the monthly payments set forth in the Note that are based on the fixed interest rate set forth in the Note and (ii) the reduced monthly payments based on a lesser interest rate as set forth in the agreement. After Buydown Period ends, payments are based on the Note Interest Rate.
- 3-2-1 buydown only available on standard 30 year conventional and VA fixed mortgage programs.
- Monthly Payment amount based on an example loan amount of $332,000 and a 30-year fixed rate at 7.125% (7.48% Annual Percentage Rate). Estimated monthly payments shown include principal and interest but does not include monthly installment for taxes, property insurance or mortgage insurance. Your actual Annual Percentage Rate may vary based on creditworthiness, loan amount and loan term.
