Wisconsin Mortgage Rate Relief Program
Contrary to the belief of some home sellers, NOW is a good time to sell! Mortgage rates are still at historic lows. Pair the rates with the $8000 first time homebuyer credit, and the climate is very favorable for buyers and sellers.A tool for home sellers is the "Rate Relief Program", offered by Wisconsin Mortgage, and marketed by Shorewest Realtors. This program is an incentive by the seller, to buy down the interest rate for a prospective buyer. It also can cover some of the buyer’s prepaid and closing costs.
Here is an example of how it works:
The seller commits to pay 3% of the purchase price towards a financing package from Wisconsin Mortgage Corporation.
This provides a savings of over $200 per month, and approximately $77,000 over 30 years.Obviously, this is a winning scenario for a buyer, but it also benefits a seller. Sellers offering this can receive special marketing, an increased buying pool and less negotiation on sales price…a win/win for everyone.
Posted by:
Karen Trepton
