With interest rates beginning to improve, you may be watching and waiting for the right time to refinance your mortgage to a lower rate and/or change the term. If you’ve never been through the process, it may seem daunting and complex, but it doesn’t have to be if you know the steps involved.

A 2-1 Buydown is a type of financing that lowers the interest rate on a mortgage for the first two years before it rises to the regular, permanent rate. It's a great way to enter the housing market with a lower interest rate than the average current rate.