Westwood Associates is now offering its clients a “no monthly payments for six months” program to eligible and qualified buyers. Basically, the first six months you live for free. This offer is “huge” said Sue Zamis, the marketing and sales director. The offer is not limited to strictly principal and interest payment, but it also includes payments for condominium fees, real estate taxes, and typical homeowner’s insurance premium. For example, on a $299,900.00 home at a 6% interest rate amortized over 30 years with a 10% down payment the monthly payment equates to approximately $2,350.00 per month savings. The monthly payment will vary depending on the terms of the mortgage and the mortgage amount.
The monthly payment savings attained from this program would provide needed relief from unexpected expenses often seen at the time of closing. The program also provides flexibility to the extent that the monthly payments can be made at any time the clients feel is appropriate. In essence it could be used as insurance when a mortgage payment is missed or a payment can not be made due to unforeseen circumstances. Another option would allow buyers to apply any balances toward the payment of the outstanding mortgage when the home is sold.
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