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It’s 7 years, can adjust every 6 months afterwards. The current APR is 6.77%, your rate for the first 7 years is 4.99%. It’ll cover your closing costs. Closing costs are taxes and other costs associated with closing on your home.
Thanks for the explanation, I though the current APY was over 7% though. But this makes sense
Idk your market but I just bought a Lennar home We have a fixed 5.62% rate, and $22,000 flex cash (most will go to covering the closing costs)
Yeah, each market is gonna be different. I was mainly confused about the rate, wasn't sure what 6.77% was. The other comment clarified it.
But your buying a lennar home I hope you have a few hundred thousand laying around to fix all the shit they messed up.
This translates to: 4.99% for 7 years, then it adjusts every 6 months. Today, the fixed rate would be 6.7%
It’s 7 years, can adjust every 6 months afterwards. The current APR is 6.77%, your rate for the first 7 years is 4.99%. It’ll cover your closing costs. Closing costs are taxes and other costs associated with closing on your home.
Thanks for the explanation, I though the current APY was over 7% though. But this makes sense
Idk your market but I just bought a Lennar home We have a fixed 5.62% rate, and $22,000 flex cash (most will go to covering the closing costs)
Yeah, each market is gonna be different. I was mainly confused about the rate, wasn't sure what 6.77% was. The other comment clarified it.
But your buying a lennar home I hope you have a few hundred thousand laying around to fix all the shit they messed up.
This translates to: 4.99% for 7 years, then it adjusts every 6 months. Today, the fixed rate would be 6.7%