Stearns Lending LLC
has announced the launch of Stearns Smart Start, a new product that reduces monthly mortgage payments during the first 24 months of a customer’s home loan without any additional upfront costs to the buyer.
“In a rising rate environment, consumers often become more interest-rate sensitive. We want to make sure that higher rates do not deter well qualified individuals and families from reaching their homeownership goals,” said David Schneider, CEO at Stearns Lending. “Our talented team members are eager to sit down with customers, clients or business partners to review this program and identify whether it is a ‘best fit’ on a case by case basis.”
The program is available on the majority of 30-year fixed-rate loans on the Stearns product menu. Highlights of the Stearns Smart Start program include:
►The peace of mind of having a fixed-rate mortgage, but the option of keeping monthly mortgage payments lower for the first 24 months.
►Lower monthly mortgage payments for a temporary period of time can be a great way for first-time buyers to ease into homeownership.
►Borrowers build equity in their homes, even during the lower payment period, as funds go toward principle and interest on the loan.
“Temporarily buying down the interest rate and lowering monthly mortgage payments for a two-year period can be a good strategy for many homebuyers, especially those who expect their income to increase in the relatively near future,” Schneider said.