Trulia Voices—Burnsville

Top Voices      Member Search BETA      Create a profile

Ask a question

Browse

Search

e.g.: "San Francisco, CA"
e.g.: "Parks" or "Schools"

Email me when:

RSS
 
Share this: 
  • del.icio.us
  • Digg
  • Reddit
  • StumbleUpon
  • NewsVine
 

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

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...
Tue May 6 2008, 21:25 - Burnsville - Financing - 2 answers
 
Useful
(0)
 
 
Not useful
(0)
 
  report get email alerts email a friend
 
shrema
Home Buyer
in Minnesota
shrema, Home Buyer in Minnesota in Minnesota
Answers (2)
Show me:  Recent Answers     Oldest Answers     Highest Rated  
 
Todd Norsted was FIRST TO ANSWER
Sherma,

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.

Fri May 9 2008, 09:33
Web Reference: http://activerain.com/csouth
 
Useful
(2)
 
 
Not useful
(0)
 
 
report
 
FIRST ANSWER
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

Wed May 7 2008, 02:57
Web Reference: http://www.toddnorsted.com
 
Useful
(0)
 
 
Not useful
(1)
 
 
report
 
[+] Save this question Send this question to a friend
Permalink: http://www.trulia.com/voices/Financing/Help_Help_I_am_really_confused_about_how_late_ca-34710--recent

Check out more Financing questions in Burnsville...

Patti Ann Ka…, Real Estate Pro in the Twin Cities MN
Is it possible if I want to close the house within 2 weeks after offer accepted by HUD?
Answered Wed Nov 28 2007, 06:57 by Patti Ann Kasper -… in 55337
Read all 5 answers
View more Financing questions and answers in Burnsville >>