Make your home ownership experience more comfortable with a 2-1 Buy Down from Legacy Mortgage.  The loan is a FIXED 30 year loan with a reduced interest rate for the first 2 years.  This program allows you a lower payment those first years leaving more cash each month for the little extras.

How the loan works.  The first year rate is 2% points below the market rate, the 2^ndyear rate is 1% point below, and years 3 – 30 are at the market rate from when you closed.

• This loan starts with a lower interest rate for the first 2 years and is FIXED for the next 27 years.
• An example is, year 1 rate would be 3.0%
• Year 2 would be 4.0%
• Years 3 – 30 would be 5.0%
• The cost is 2.5% of your mortgage amount.  A $100,000.00 mortgage would cost $2500.00.
• Buyer or seller can pay this.
• The principle and interest payment on a $100,000 30 year fixed at 5% is $536.82.
• The principle and interest payment on the 2-1 Buy down $100,000 loan first year at 3% is $421.60 a difference of $115.22 per month.
• The principle and interest payment for the 2^nd year at 4% is $477.42 a difference of $59.40 per month.
• The principle and interest payment for years 3-30 is $536.82.

This loan allows you to have a reduced payment during those first few years of homeownership making the transition much more comfortable for buyers.

Call Legacy Mortgage and Rachel Donovan to get all the details on this loan as well as all other mortgage loan options.

Rachel Donovan
Legacy Mortgage
505-328-4792
rdonovan@legacymortgagenm.com
http://legacymortgagenm.com/RDonovan/