A New Jersey homebuyer rejected 10 older houses, then negotiated a $575,000 Pennsylvania new build down to $545,000 and used $30,000 in builder incentives to cut his mortgage rate from 6.25% to 5.25%, saving about $350 a month
- Ayala says the buydown reduced his monthly principal and interest payments by about $350Jonathan Ayala began looking for a home in Hoboken, New Jersey, without considering new construction.
- The real estate agent and owner of a photography and marketing business instead focused on the costs involved in buying and owning a property.
- After viewing 10 homes in person, however, he found that none made enough financial sense to buy.
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- Ayala says the buydown reduced his monthly principal and interest payments by about $350Jonathan Ayala began looking for a home in Hoboken, New Jersey, without considering new construction.
- The real estate agent and owner of a photography and marketing business instead focused on the costs involved in buying and owning a property.
- After viewing 10 homes in person, however, he found that none made enough financial sense to buy.
Sources: Times of India