is it possible to increase amount of down payment after loan docs have already been signed?

Asked by Eng Seng, Rialto, CA Sat Feb 14, 2009

i put 10% down on my mortgage loan. just signed docs a couple days ago but my relatives insist that i down another 10% to avoid pmi. is it possible to change down payment? or can i just do a prepay on my first note and remove pmi?

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Mission Viejo…, , Mission Viejo, CA
Sat Feb 14, 2009
As the others have said you can change them right up till the end. More down will save you move over time.
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Lorie Gould, Agent, Duluth, GA
Sat Feb 14, 2009
It's not a done deal until you close so you can absolutely change the amount of your down payment and I would recommend doing so. Being able to put down 20% is an incredible accomplishment and it does save you money!
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Robert Chome…, , San Diego, CA
Sat Feb 14, 2009
Yes you can have your loan officer send your loan back through underwriting at 20% down, remove the PMI, have them re-draw your loan docs and then you can re-sign. This is a better plan than paying 10% more after close on the principle, because the lender may not remove the PMI right away. Your lender should be able to turn this around pretty quickly. This should work as long as the seller can wait to close and as long as your interest rate lock is not going to expire. Good luck!
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