Buy down

Buy down

The Money advanced to a mortgage to reduce monthly payments of a home mortgage. The buy down can be long-term, covering the life of the loan, or it can be short-term, reducing the mortgage payments for a certain time period.

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Part of Speech: noun
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Blossary:
Industry/Domain: Business services
Category: Relocation
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Related terms

buy down

Business services; Relocation

The Money advanced to a mortgage to reduce monthly payments of a home mortgage. The buy down can be long-term, covering the life of the loan, or it can be short-term, reducing the ...

buy down

Construction; General

A subsidy (usually paid by a builder or developer) to reduce monthly payments on a mortgage.

buy-down

Accounting; Tax

A loan in which someone other than the borrower puts up money to reduce the interest rate or borrower's monthly payments Frequently done by builders in poor markets It makes the ...

buy down

Real estate; General

Extra money paid in a lump sum to reduce the interest rate of a fixed rate mortgage for a period of time. The extra money may be paid by the borrower, in order to have a lower ...

buy-down

Real estate; General

When the lender and or the home builder subsidized the mortgage by lowering the interest rate during the first years of the loan. While the payments are initially low, they will ...

buy down

Law; Legal services; General law

Pay extra points to get a lower mortgage interest rate.

bridge loan

Business services; Relocation

A loan that is provided to an employee by his/her company to assist in purchasing a destination home when the departure home has not yet sold. The loan is typically interest free.

mortgage

Business services; Relocation

A written instrument that creates a lien upon real estate as security for the payment of a specified debt.

market rate

Business services; Relocation

An estimate of the average rate being charged by lenders for conventional, fixed rate mortgage loans.

lump sum program

Business services; Relocation

Monies given to employees in lieu of some or all services traditionally provided to relocating employees to facilitate the transfer.

long carry

Business services; Relocation

An added charge for carrying articles excessive distances between the mover's vehicle and your residence.

lock

Business services; Relocation

The period, expressed in days, during which a lender will guarantee an interest rate.

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