Mortgage and Financing
How to Get a 3.99% Mortgage Rate Right Now | Buydowns 2026
Rate buydowns explained: how sellers, builders, and lenders can buy down your rate to make homeownership more affordable in today's market.
What You Will Learn
Your mortgage rate determines your monthly payment for the next 15 to 30 years. Getting the lowest possible rate can save you tens of thousands of dollars over the life of your loan. In this video, Patrick reveals the strategies he uses as a Loan Officer to help clients secure the best rates available.
From understanding how mortgage buydowns work to knowing when to lock your rate, this video gives you the insider knowledge you need to make smart financing decisions. Patrick also explains the 3-2-1 buydown structure and how seller concessions can help lower your rate without increasing your cash-to-close.
Important note on advertised rates:
A specific rate like 3.99% is not universally available or a current market rate. Whether you can achieve a given rate depends on the buydown structure (2-1 buydown, permanent buydown, discount points), current market conditions, borrower qualification, loan program, and timing. Patrick explains these strategies so you understand what is possible for your situation.
Key Takeaways
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Mortgage Buydowns Lower Your Rate Temporarily or Permanently
A 3-2-1 buydown reduces your rate by 3% the first year, 2% the second, and 1% the third. Permanent buydowns use discount points to lower the rate for the entire loan term.
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Shopping Multiple Lenders Can Save Thousands
Rates vary significantly between lenders. Patrick explains why working with a mortgage broker who compares multiple wholesale lenders can get you a better deal than walking into a single bank.
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Credit Score Optimization Before Applying
Even a 20-point credit score difference can change your rate. Patrick shares specific steps to improve your score before you apply for a mortgage.
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Rate Lock Timing Matters
Locking your rate at the right time can protect you from market fluctuations. Patrick explains when to lock and when to float based on market conditions.
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Seller Can Contribute to Your Buydown
In a negotiation, you can ask the seller to contribute toward your buydown or closing costs. Patrick shows you how to structure this in your offer.
Continue Learning
Learn how interest rate buydowns actually work with a detailed breakdown of temporary and permanent options.
Patrick explains how APR and interest rate differ so you can compare loan offers with confidence.
Ready to See What Rate You Qualify For?
Patrick can shop multiple lenders and explain your buydown options at no cost to you.
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