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Miramonte Mortgage Advantage Program




Rate Buydown FAQs

Unlock Your Homeownership Dreams with The Miramonte Mortgage Advantage Program!  Get answers to frequently asked questions about our Temporary Rate Buydown Program.

Interest Rates as Low as



The Answers You Need

CrossCountry Mortgage currently offers  1-0, 1-1, 2-1, and 3-2-1 rate buydown options.

What type of Temporary Rate Buydowns does CrossCountry Mortgage offer?

A 1-0 rate buydown is a temporary buydown through which a home buyer gets their interest payments reduced by 1% for the first 12 months.

What is a 1-0 Rate Buydown?

A 1-1 buydown is a temporary buydown through which a home buyer gets their interest payments reduced by 1% for 24 months.

What is a 1-1 Rate Buydown?

A 2-1 rate buydown is a temporary buydown through which a home buyer gets their interest payments reduced by 2% for the first 12 months of the loan, then 1% for the second 12 months of the loan.

What is a 2-1 Rate Buydown?

A 3-2-1 Buydown is a temporary buydown through which a home buyer gets their interest payments reduced by 3% for the first 12 months, 2% for the second 12 months, and 1% for the third 12 months of the loan.

What is a 3-2-1 Rate Buydown?

A buydown allows for a borrower to obtain a lower payment for the first 1-3 years of their loan.

How does a Rate Temporary Buydown impact a borrower?

FNMA, FHLMC, and GNMA fixed rate products and some ARMs.

What products are eligible for a Temporary Rate Buydown?

The cost will equal the difference in monthly payments between the buydown rate and the note rate for the years the buydown is in place (1-3 years).

How much do Temporary Rate Buydowns cost?

Primary and second home.

What occupancy/loan purposes are eligible at CrossCountry Mortgage?

While every situation is different, if a borrower is not planning on being in the loan long term, a Temporary Rate Buydown may be more beneficial. If the borrower is planning to retain the loan long term, permanently buying down the interest rate may be a better option.

Is it a better option to buy the rate down for the life of the loan rather than use a Temporary Rate Buydown?

Yes, the borrower will be required to sign a Temporary Rate Buydown Agreement prior to closing.

Does the borrower have to sign additional documents when choosing a Temporary Rate Buydown?

Yes, of course! Should you decide to refinance during the buydown period, CrossCountry Mortgage will refinance your loan at no cost to you!

Can I refinance during the buydown period?

Connect with CrossCountry Mortgage's Dickson/Kemmerly Group to explore your eligibility, understand the terms, and embark on your journey to homeownership with added savings.

The sample rates provided are for illustration purposes only and are not intended to provide mortgage or other financial advice specific to the circumstances of any individual and should not be relied upon in that regard. CrossCountry Mortgage, LLC cannot predict where rates will be in the future. The payment example does not include assessments. Actual payment obligations may be greater and may vary. Mortgage Insurance Premium (MIP) is required for all FHA loans and Private Mortgage Insurance (PMI) is required for all conventional loans where the LTV is greater than 80%. Rate(s), APR(s) and payment info is valid as of (11/16/23) and assumes a first lien position, 740 FICO score, 30-day rate lock, based on a single-family primary residence priced at $490,000 putting 20% down. All terms are subject to change without notice. Loans are subject to underwriting guidelines and the applicant's credit profiles, not all applicants will receive approval. Contact CrossCountry Mortgage, LLC for more information. Available for conventional, FHA, VA, and USDA loans only. Quote generated using Cross Country Mortgage’s temporary 2/1 buydown program. Offer available at select move in ready homes (and is not available at all communities).  Buy this home and get a interest rate for the first year. Buyer must finance with The Dickson Kemmerly Group and close within 30 days of purchasing.

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