Discover luxurious desert living at its finest with this exquisite 3-bedroom, 2-bathroom home featuring a den in Palm Desert. Located at 28 Calle Lantana, this stunning residence offers the perfect blend of comfort and elegance.
Step inside to find a spacious layout that includes a beautifully appointed kitchen, ideal for culinary enthusiasts and entertainers alike. The expansive living area is bathed in natural light, creating an inviting atmosphere for gatherings with family and friends.
Outside, indulge in resort-style amenities with your very own pool and spa, perfect for relaxing under the Palm Desert sun. Enjoy the benefits of paid-off solar panels, providing both environmental sustainability and cost savings.
Located in a desirable neighborhood, this home offers proximity to renowned golf courses, upscale shopping, and fine dining. Whether you're seeking a serene retreat or a place to host memorable gatherings, 28 Calle Lantana presents an unparalleled opportunity to embrace the Palm Desert lifestyle.
Don't miss out on this rare offering—schedule your private tour today and envision yourself living in luxury in the heart of Palm Desert!
Stunning Pool/ Spa
Large Open Floor Plan
Large Kitchen designed for entertaining!
Formal Dining Area
Casual Dining off Kitchen
Bedroom 3 with a Jack/Jill bathroom entry.
Gated community with HOA dues of $137.00
Check out the view from above with Paid-off solar panels.
Located in Central Palm Desert.
Seller is offering a 2 year Buydown!
What is a Mortgage Rate Buy Down? (How Points Work)
Navigating the world of mortgages can be complex, especially with the various options available to fit your financial situation. One option that often confuses homebuyers is the mortgage rate buy down. Understanding this concept, particularly points, can help you make informed decisions and save money over the life of your loan.
The seller concession of $20,000 is held in an account and each month a portion of the concession goes to the payment, with your rate being 2 percent lower than what the qualifying rate is today.
A mortgage rate buydown is a financial arrangement where the seller or another party pays an initial lump sum to the lender in order to reduce the borrower's monthly mortgage payments for a specified period of time. In your case, the mortgage rate buydown plan involves a two-year period with varying interest rates:
1. **Year 1**: The interest rate is reduced from the original rate of 6.99% to 4.99%. This means that for the first year of the mortgage, the borrower will pay interest at a lower rate of 4.99% instead of the higher rate of 6.99%.
2. **Year 2**: The interest rate increases slightly to 5.99%. This is still lower than the original rate of 6.99%, but higher than the rate in year one.
Here's how it typically works in practice:
- **Buydown Cost**: The cost of the buydown (the lump sum paid initially) is calculated based on the difference between the original interest rate (6.99%) and the reduced rates for years one (4.99%) and two (5.99%). The exact cost can vary depending on the lender and the terms negotiated.
- **Monthly Payments**: During the buydown period:
- **Year 1**: The borrower pays lower monthly mortgage payments because the interest rate is lower (4.99% instead of 6.99%).
- **Year 2**: The interest rate increases to 5.99%, so monthly payments will be slightly higher than in year one, but still lower than they would have been with the original rate of 6.99%.
- **Long-term Impact**: After the buydown period (usually two years), the interest rate typically reverts to the original rate of 6.99%, unless the borrower refinances the mortgage or negotiates a different rate with the lender.
- **Benefits**: A mortgage rate buydown can make homeownership more affordable in the short term by reducing initial monthly payments. This can be particularly attractive for buyers who expect their income to increase in the future or who need to manage their cash flow carefully during the early years of homeownership.
In summary, a mortgage rate buydown temporarily reduces the borrower's interest rate for the first two years of the mortgage, resulting in lower monthly payments during that period. It's important for borrowers to understand the full terms and costs associated with the buydown, as well as the implications for their long-term financial planning.
You can apply for a no-lender fee mortgage, free appraisal and the buydown here Apply Now (floify.com)
To look at similar properties in Palm Desert Click Here Homes for Sale (lookrealtyandmortgage.com)
Look forward to speaking with you soon!
Christopher Marrs, Broker
DRELIC#01462591, NMLS#1927227
760-427-5240
lookrealtyandmortgage.com