Planet Home Lending, a national mortgage lender and servicer, has added a new home loan option, 1st Year Flex, for people who want to begin the homeownership journey with a lower monthly payment for one year.
“Planet understands the affordability challenges people face in today’s market. We’re committed to finding innovative solutions to help more borrowers purchase a home,” says Michael Dubeck, CEO and president of Planet Financial Group, parent of Planet Home Lending. “1st Year Flex is just one of many solutions and resources our customers can tap to reduce the cost of homeownership.”
1st Year Flex is a temporary buydown, paid through a lender credit, meaning it gives the effect of a lower rate for the first year of a mortgage loan. Planet also offers two-year temporary buydown and permanent buydown options. Buydowns can be paid for by home sellers, home buyers or Planet Home Lending.