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Planet Home Lending, a national mortgage lender and servicer, has introduced 1st Year Flex as a loan option for people who want to pursue homeownership with a lower monthly payment for one year.

According to the Meriden, Connecticut-based company, 1st Year Flex is a temporary buydown that is paid through a lender credit, which provides the borrower with a lower rate for the first year of the mortgage loan. However, the company noted this can also result in a slightly higher interest rate over the life of the mortgage loan.

Planet also offers two-year temporary buydown and permanent buydown options. Buydowns can be paid for by home sellers, homebuyers, or Planet Home Lending.

“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,” said 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.”