3-2-1 buydown


Method for helping borrowers with low income in qualifying for a loan, this type of mortgage starts with three temporary interest rates that will increase until a permanent rate is set. Sometimes offered by home builders as an incentive in attracting buyers.
Browse Definitions by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
30-Year Treasury 3/27 adjustable-rate mortgage - 3/27 arm