I got approved for a 7/1 arm but i wanted to try to get a 30 year. The 30 year is taking the time if we pass closing date can i lose my emd

Asked by Jb Garcia, Wed Feb 15, 2012

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5
, ,
Tue Feb 28, 2012
Must be an income ratio issue, If you have extra cash try increasing the down payment by $1,000 and re-run the 30 year fixed. If that doesn’t work try paying a point, lower the interest rate ¼% and run the decision again. There is a point the matrix will favor the 30 year fixed, if you can afford the additional closing cost/down payment.
1 vote
Robert Chome…, , San Diego, CA
Tue Feb 28, 2012
You might be able to get the seller to extend your closing date. If you want to stay in the property more than 7 years, it is probably worth taking the time to get the 30 year fixed.
0 votes
Svetlana Ral…, Agent, Redwood City, CA
Wed Feb 15, 2012
Not if you have your agent ask for a loan contingency extension on an addendum and the seller signs it. If the seller does not sign and it is taking longer than you expect, cancel the contract.

Svetlana Raleigh
650-714-3736
0 votes
David Tapper, Agent, Burlingame, CA
Wed Feb 15, 2012
Ask your agent to communicate this to the listing agent. I don't think it will take that long, maybe you give them something to get something if need be. It could be better terms, or money. But, if you can lock in to a 30yr fixed in todays market, it would be foolish to pass up the opportunity.
0 votes
Yu Lam, Agent, San Mateo, CA
Wed Feb 15, 2012
Your agent should be able to help you to ask for extension on the time required to get the 30 yrs fix. If that's not an option, better go with the 7/1 ARM or cancel the contract before the loan contingency date.
0 votes
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