Financing in Burnsville>Question Details

shrema, Home Buyer in Minnesota

Help! Help! I am really confused about how late can i change numbers for mortgage?I am a first time

Asked by shrema, Minnesota Tue May 6, 2008

homebuyer. I am working with a mortgage banker, he is telling me that I cannot change any numbers (downpayment etc) since my application is going through underwriting. I really dont understand how this is possible. I am thinking about putting down more money towards downpayment. I am closing in June 1st. Hence, I do have at least 3 weeks. Is there a law or a rule that says how late in the game can i decide about these numbers? I guess the fact that i am putting down more is reducing his commission as the loan amount will be lower.
I am putting down 5K more than previously planned.
Please adive...

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Your loan officer should be able to change the down payment and loan price for you.
It may require updated forms if you loan is a FHA loan but hey who care underwriting dhould only take 2-3 days at most so you would still have plenty of time to close. My only concern is why would you want to put an additional 5000.00 down on a home at this time it will have a very minimal effect on your payment and with the declining prices may just evaporate in you homes value. I think you would be better off keeping the 5000 as a reserve against future expenses that may arise.
2 votes Thank Flag Link Fri May 9, 2008
Shrema, It strikes me that your mortgage banker does not want to resubmit the application for you. What you would like to do should be possible, as far as I know, and yes,, it does reduce the commission on the loan. You might try telling the mortgage banker that you've found someone who is competitive on rates and will sumbit your application with the additional down payment. My gut call will be that he/she will come around quickly.

Good Luck, Todd Norsted
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0 votes Thank Flag Link Wed May 7, 2008
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