Submitting offer $600,000- with $200,000- down payment. After accepted offer escrow is opened. Escrow can do amendment changing the down payment from $200,000- to $300,000-. Both parties have to agree. I do not think seller will be against agreeing to a greater down payment amount.
Gail Mercedes Cole
All deals are a two way street.
that means you have to have the seller accept.
you might suggest to escrow for a change and make sure your lender knows.
escrow will notify the seller and should not affect the deal. however the seller can say no but it would not be logical to do so. Who says real estate is logical.
Harold Sharpe - Broker
So Cal Homes
California Department of Real Estate Broker License # 01312992
If your lender preapproved you with a $200,000 down payment in play, You will need to conatct your lender and get your approval revised to reflect a lower down payment.
Keep in mind lowering yor down payment will alter your mothly payment estimate. Just make sure the numbers are numbers you can live with, and make sure you can still get the loan funded at a $600,000 purchase price. If you fail to get the loan funded you will be in default and risk loosing your deposit .
Kawain Payne, Realtor
Congratulations on buying your new house. The quick and dirty is that you are allowed to change the terms of your loan prior to the close...so don't freak out and take your time. I'm a big proponent of putting down just as much money as you need to maximize the interest rate and then IF AND ONLY IF you plan on living in the home for a minimum of 5 years pay the lender to drop the rate even lower. Your lender will provide you with the math and how many years it will take to make back your money. Typically, 1% (1 point) of your loan amount is paid to lower your interest rate by about .375% - .5%. It doesn't look as if you need another Broker helping you out but if you need a friend in the industry to bounce some questions, give me a call. Best of luck!
Investor Choice Realty
310 210 9070
A higher down payment is most beneficial.
I would suggest you speaking with your agent. He or she is there to walk you through the process and answer all questions.
Have a wonderful evening!