Par Rate vs Rate Cost or Credit скачать в хорошем качестве

Par Rate vs Rate Cost or Credit

Par Rate - A rate that does not cost you anything but also does not give you a credit towards your closing Costs. Many people have heard of buying down the rate, let's discuss this a little further. Let's say todays PAR rate is 5%. You could buy down the rate and make the rate 4.5% which may cost you let's say $1,500 in additional closing costs. You could also choose to take a 5.5% rate and let's say you get a credit of $1,500 on your closing costs. The higher the interest rate, the lower the closing costs, the lower the rate, the higher the closing costs. It all depends on your current financials and if you may need a little help with your closing costs, or simply having a little extra cash after settlement.