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Loanfactz Definitions
Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.
All of B
Buydown
The buyer or seller pays an amount on the loan to the lender to reduce the interest rate and lower the monthly mortgage payments. The seller may increase the sales price of the home to cover the cost of the buydown. Monthly mortgage payments may be reduced for the entire life of a mortgage, permanent buydown, or for just the first few years of a mortgage, temporary buydown.
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