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David Lurvey NMLS 410420

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BUYDOWN DETAIL

David Lurvey

Mortgage Loan Officer
NMLS 410420
417-619-2203
david@brokerdave.com
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EDGE HOME FINANCE CORPORATION
NMLS 891464

FOR INFORMATIONAL PURPOSES ONLY

Property Address:

89 Wyandotte Dr, Cherokee Village, AR

Loan Type: Conventional
Price: Loan: LTV: Rate: Term:
$534,500 $481,050 90.00% 6.875% 360

1-0 Buydown

Year 1 rate is 1% less. Year 2-30 goes to 30 year rate.

Buydown Cost: $3,774.76

 

APR: 7.163%

APR includes $112.25 monthly mortgage insurance.

Year Rate Prin/Int Savings
Monthly
Savings
Annual
1 5.875% $2,845.59 $314.56 $3,774.76
2-30 6.875% $3,160.16 $0.00 $0.00

2-1 Buydown

Year 1 rate is 2% less. Year 2 rate is 1% less. Year 3-30 goes to 30 year rate.

Buydown Cost: $11,147.56

 

APR: 7.153%

APR includes $112.25 monthly mortgage insurance.

Year Rate Prin/Int Savings
Monthly
Savings
Annual
1 4.875% $2,545.76 $614.40 $7,372.80
2 5.875% $2,845.59 $314.56 $3,774.76
3-30 6.875% $3,160.16 $0.00 $0.00

3-2-1 Buydown

Year 1 rate is 3% less. Year 2 rate is 2% less. Year 2 rate is 1% less. Year 4-30 goes to 30 year rate.

Buydown Cost: $21,924.53

 

APR: 7.142%

APR includes $112.25 monthly mortgage insurance.

Year Rate Prin/Int Savings
Monthly
Savings
Annual
1 3.875% $2,262.08 $898.08 $10,776.97
2 4.875% $2,545.76 $614.40 $7,372.80
3 5.875% $2,845.59 $314.56 $3,774.76
4-30 6.875% $3,160.16 $0.00 $0.00
Rate senarios above assume 760 credit score, max 43% debt ratio. Rates, terms, and fees as of 5/20/2024 1:06:14 PM Eastern Daylight Time and subject to change without notice. This is not a loan commitment or guarantee of any kind. Loan approval and rate are dependent on borrower credit, collateral, financial history, and program availability at the time of origination. Rates and terms are subject to change without notice. Corporate Address: 5868 Baker Road, Minnetonka, MN 55345. Edge Home Finance Corporation Company NMLS #891464. www.nmlsconsumeraccess.org has the following licenses. Licensed In: AL, AZ, CA, CO, DE, FL, GA, HI, ID, IL, IN, KS, KY, MA, ME, MI, MN, MO, MS, NC, ND, NH, NM, OH, OK, OR, PA, UT, SC, SD, TN, TX, VA, WA, WI & WY Arizona Mortgage Broker License #MB-1007405, Massachusetts’s license #MB891464,MORTGAGE BROKER ONLY, NOT A MORTGAGE LENDER OR MORTGAGE CORRESPONDENT LENDER
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