Finance
What is 'interest rate buydown' and how can a seller offer it in an Illinois transaction?
AA buyer's right to reduce the interest rate by making a larger down payment
BA seller-paid contribution to reduce the buyer's mortgage interest rate, either permanently or for an initial period (temporary buydown), making the home more affordable✓ Correct
CA lender's discount offered to buyers who use the seller's preferred lender
DA state program reducing mortgage rates for Illinois teachers and first responders
Explanation
An interest rate buydown involves paying discount points to reduce the interest rate, either permanently or temporarily. In a seller-paid buydown, the seller contributes funds at closing to buy down the buyer's rate—making monthly payments lower and the home more affordable.
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