LIC developers offer incentives

March 10, 2009 04:38PM

In Long Island City, many developers looking to unload apartments are offering mortgage incentives. NY1 took a tour of L Haus, where there is a 3-2-1 rate buydown, which allows people to get a reduced mortgage rate for the first three years. “The sponsor will pay to reduce your mortgage by three percent the first
year, two percent the second year and one percent the third year,” Prudential Douglas Elliman’s Melina Starr told NY1. The buyer’s assurance program at L Haus also includes a rent-to-own option and a price protection plan. A few blocks away from L Haus, Toll Brothers’ Fifth Street Lofts is offering a pre-paying mortgage program which gives buyers a lower rate for the life of the loan.[NY1]

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