UWM Expands Temporary Rate Buydown Offerings

United Wholesale Mortgage (UWM), the newly named top mortgage lender in the country, announced Wednesday that it is expanding its temporary rate buydown offerings, providing independent mortgage brokers with another option to help combat rising interest rates.

In August, UWM CEO Mat Ishbia said it was “Game On” when they initially offered temporary rate buydowns with 2-1 and 1-0 buydown options for conventional primary and second home purchases, as well as FHA and VA primary home purchases.

Apparently the game is just getting started; UWM will continue to offer its temporary rate buydown product to help brokers deliver bigger savings of up to 3% for their borrowers by choosing from 3-2-1, 2-1, 1-1, and 1-0 buydown options. 

"In a rising rate environment, the temporary rate buydown will be an attractive option for borrowers who would like a lower rate to save money on their monthly mortgage payments at the beginning of their loans," the company said.

Brokers also can now give the option of lender-paid buydowns in addition to seller-paid rate buydowns, UWM said. These options are available to conventional, FHA, and VA borrowers who need a lower rate at the start of their loan or additional money for expenses such as furniture or upgrades.