As a buyer in the Charlottesville Real Estate Market, you’ll find there are many different mortgage options available to you. A buydown mortgage is one such option. This option can help you reduce your interest rate either temporarily or permanently. In this article, we’ll go over the two different options you have for a buydown mortgage so you know exactly how a buydown mortgage works.What is a Buydown Mortgage?A buydown mortgage is when you pay an initial lump sum to “buy down” the interest rate on your loan. This allows you to qualify for larger loan amounts based on your income, because your monthly payments will be lower. Basically, a buydown mortgage is when you pre-pay your interest upfront. There are two types of buydown mortgages: Temporary and Permanent.What is a Temporary Buy... 11/15/2012