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How a 2-1 Rate Buydown Can Lower Your Payment on This Crystal, MN Home
What if your first two years of house payments could cost you hundreds of dollars less each month?
That’s exactly what a seller-paid 2-1 rate buydown can do, and it’s available to qualified buyers on my new listing at 5757 Quail Ave N in Crystal. Below I’ll walk you through how a 2-1 buydown actually works, who qualifies, and why this home is such a rare find in this part of the metro.
What Is a 2-1 Rate Buydown?
A 2-1 buydown temporarily lowers your mortgage interest rate for the first two years of your loan. Here’s how it breaks down:
- Year one: your rate is 2 percentage points below your loan’s actual rate
- Year two: your rate is 1 percentage point below your loan’s actual rate
- Year three and beyond: your payment settles at the full rate for the rest of the loan
On this home, the seller is willing to help pay for the buydown. That money is set aside at closing and used to cover the difference in your payment each month during those first two years.
Depending on your loan, that can mean saving hundreds of dollars a month for the first two years of your house payments. That’s real money while you’re settling in, buying furniture, or making the home your own.
Who Qualifies for the Buydown?
This is the part people often miss. You still have to qualify for the loan, and most lenders qualify you at the full rate, not the lower starting rate. The buydown makes your first two years easier, but it doesn’t change what you need to be approved for.
- Not every lender structures a buydown the same way
- Getting it set up wrong can cause headaches at closing
- Working with a loan officer who knows the program makes all the difference
If you’re interested, contact me first. I’ll put you in touch with a loan officer who knows this home and knows how the program works, so it’s done right from the start.
Why This Home Stands Out in Crystal
My first impression of this house came before I ever walked in the door. Driving up, it’s simply beautiful: a newer two-story with a 3-car attached garage, sitting on a big corner lot.
Crystal is a lovely area, but like New Hope, Golden Valley, and St. Louis Park, most of its homes were built in the years after World War II. They tend to be smaller, with one or two-car garages, and most of those garages are detached. They just don’t have the space, the newer construction, or the size of this home.
Here’s what makes this one different:
- 4 bedrooms on the upper level, a really rare find in this area, including a primary suite with its own full bath plus a second full bath in the hall
- A finished 3-car attached garage, something you almost never see in this neighborhood
- Three separate living spaces: a formal living room next to the dining room, a family room off the big eat-in kitchen with a gorgeous gas fireplace, and a lower-level amusement room
- A half bath on the main level for guests
- A cute front porch that welcomes you home
Room to Grow, Inside and Out
The large finished lower level gives you plenty of extra storage and room to make it your own. The amusement room can become:
- A game room
- A home theater
- A workout space
- A home office, or two
There’s even potential to add up to two more bedrooms down there, thanks to two separate egress windows.
The lower level also has plumbing roughed in for a future fourth bathroom. (Curious what a rough-in looks like? Here’s a quick video that shows you.)
Outside, the huge corner lot sits on two very quiet streets and gives you more room than most homes in the area. You could:
- Plant a garden
- Set up outdoor games
- Entertain friends on summer evenings
- Plan an addition someday
You have a lot of flexibility in how you live and what you do with the space.
A Great Location
- Close to Bass Lake Road and County Road 81 for easy getting around
- A quick commute to downtown Minneapolis
- Close to shopping
- Nearby parks with walking paths, easy biking, and great places to walk the dog
Want to See It in Person?
Homes like this rarely come up in Crystal, and the 2-1 buydown makes it even easier to step into.
If you’d like to tour it, ask about the buydown, or get connected with a loan officer who knows the program, reach out anytime. Call or text me at 952-994-7204, or book a time that works for you below.
Book an Appointment
See the Full Listing
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