Cassidy Johnson | Edmond & Oklahoma City Realtor

If mortgage rates are one of the biggest things holding you back from buying a home right now, here’s the scoop on each of the options I listed in the video-

1. Look into new construction.

Many builders have partnerships with preferred lenders and offer incentives that can help you get a lower interest rate.

1. Negotiate a seller concession (credit).

When purchasing an existing home, you may be able to negotiate for the seller to contribute toward your closing costs, and you can use that closing cost credit towards a mortgage rate buydown.

There are two types of buydowns-

Temporary buydown - This reduces your interest rate for the first 1–3 years before returning to the original rate.

Permanent buydown- You (or the seller) pay upfront discount points to get a lower rate for the lifetime of your lown.

Both can be great options depending on your goals and how long you plan to own the home.

1. Look for an assumable loan.

This is an option that a lot of people don’t even realize exists. Some sellers have mortgages that allow a buyer to take over their existing loan, including their interest rate.

So if a seller locked in a 3% rate a few years ago, you could potentially take over that loan at the same rate.

*The biggest catch here is you’ll typically need to cover the difference between what their balance is on their mortgage and what you’re paying for the house.

If you’re considering buying in the OKC metro, I’d love to help you see what options are possible and connect you with a great lender to run the numbers.

Cassidy Johnson
Oklahoma City Realtor
Keller Williams Elite