2511 Calculating a Buydown Mortgage

1. In Point, open a Prospect or Borrower file.

2. From the Menu bar, select Forms > Truth-in-Lending (Reg Z).

3. In the Note Rate field, enter the full interest rate.

4. Go to the Buydown Mortgage section.

5. Select a buydown option from the dropdown.

6. In the Term (mths) fields, enter the term of the buydown.

For Example:

A 2-1 Buydown with a note rate of 5.25% will be bought down 2% for the first 12 months and 1% for the next 12 months.

Select the 2-1 option from the Buydown Mortgage dropdown as shown in the example below:

2511 01 LR replace 2-7-23

The Temporary Buydown Fee will automatically populate.

Select a product from the Disclose LE/CD Product from the dropdown.

Note: The buydown rate is on the note checkbox is for UCD(or ULDD)