2/1 Rate Buydown Program from Countrywide
Step into home ownership with Alpine Homes and Countrywide's SmartStepsm Buydown Program
Countrywide and Alpine Homes have a loan program that could mean the difference between dreaming of your new house and waking up in your new Alpine Home.
- More money in your pocket! Alpine Homes will contribute to a buydown of your interest rate (see agent for more details)
- These FIXED RATE loans have the benefits of an ARM—a lower initial interest rate—without the uncertainty where interest rates will go over the life of the loan.
HOW IT WORKS
A sample of Countrywide's 2-1 SmartStep Buydown Program on a $265,000 loan balance with a 30-year fixed-rate loan at 5.50%
| Interest Rate | APR | Monthly Payment | Monthly Payment Savings | |
|---|---|---|---|---|
| Year 12 | 3.500% | 4.590% | $1,190 | $315 |
| Year 2 | 4.500% | 4.590% | $1,343 | $162 |
| Year 3-30 | 5.500% | 4.590% | $1,505 | N/A |
*Financing example is for illustrative purposes only and not a commitment to lend. Rates, terms and conditions are subject to change.
Visit our Model Homes today for more details!
1. Different SmartStep Buydown programs offer different initial lower interest rate periods. For example, a 3-2-1 buydown offers a rate that is three percent lower in the first year, two percent lower in the second year, and one percent lower in the third year. A 2-1 buydown offers a two percent reduction in the first year and a one percent reduction in the second year. Although starting payments are lower, borrowers should carefully consider their ability to pay the increased payment due after the end of the SmartStep buydown period, ask for details. Other buydown structures are available that could fit your financial situation. Only available for purchase loan applications and on Fixed Rate and Fixed Period Adjustable-Rate Mortgages (ARMs) for loans funded with Countrywide Home Loans and subject to underwriting guidelines. ARM rates subject to increase after the fixed period of Fixed Period ARMs. Additional restrictions may apply. 2. Interest rates effective 2/12/09 and subject to change. Monthly payment reflects principal and interest only. Taxes, insurance, and homeowners association fees, if any, not included. APR is based on a 30-year fixed rate loan amount of $265,000 with 0% down payment and closing costs of $6,000 including 1.0 points. Equal Housing Lender. ©2008 Countrywide Bank, FSB. Member FDIC. Trade/service marks are the property of Countrywide Financial Corporation, Countrywide Bank, FSB, or their respective affiliates and/or subsidiaries. Some products may not be available in all states. This is not a commitment to lend. Restrictions apply. All rights reserved. (10/08) 051060_CR AR61801
