Home Buying in Harrisburg>Question Details

Sdr, Home Buyer in Harrisburg, PA

Changing our mind about buying down the rate.

Asked by Sdr, Harrisburg, PA Sat Dec 6, 2008

I hope someone can help. When we applied for our mortgage we said we would be buying down the rate. We even locked in. However, we are now having problems with the cash to close. To save some cash can we now change our mind and not buy down the rate and accept the lock in rate prior to the buy down?

Thank you.

Help the community by answering this question:


Maybe you can get the seller to pay for the close. If the deal falls through, it could be a blessing in disguise. Wait another year, prices are declining. Good Luck
0 votes Thank Flag Link Mon Dec 8, 2008
I would check with your loan officer. In most cases you could go to a higher rate and pay less points. At least most of the Lenders that I work with will accomodate you as long as your debt to income ratio isn't borderline.
The very best of luck to you!


Michael D Delp
Mortgage Pro
4802 Old Bethlehem Pike,
Telford Pa. 18969
Ph- 215-453-1025
Fax- 215-453-1012
Cell- 610-762-0318
michaelddelp@verizon.net http://www.mortgagepro.instantlender.com
0 votes Thank Flag Link Mon Dec 8, 2008
I would consult with your mortgage professional as well as your buyers agent that is reprsenting you with your purchase.
0 votes Thank Flag Link Sun Dec 7, 2008
buying down the rate is a long term investment as the money spent on the buydown isnt recouped for usually 5-10 years into the loan depending on what they are charging you. With rates this low, and if money is tight your money is worth more to you just to get into the deal. Somply call your loan originator and explain what you need to do, they should easily be able to adjust your laon for you. good luck with your purchase.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sat Dec 6, 2008
It is difficult to state fact that not your mortgage broker who has your entire file, could make the necessary adjustments in order for you to make the close date timely.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Dec 6, 2008
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