Buying down Mortgage Rate

[Evan O'Brien]

If you were to buy down the interest rate for your mortgage, what rates and fees would be associated with that? Would points have to be paid to buy down the interest rate?

[Jack Tulloch]

Evan - yes, almost every lender will offer a buy down option. An additional point at close will get the rate down around .375% as Erik mentioned. If you are fairly liquid, buying down the rate is a viable option to keep monthly payment down and improve cashflow.