U
/u/Mustita
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I'm closing on February 3 with a contingency that my condo sells on jan 31. My broker didn't lock my rate, saying interest rates were going down and it was better to wait. However, rates have been going up instead.
Now, my broker is offering 6.78% with 1 point, but I spoke with another lender, Third Federal, who offered 6.75% with no points. (1500 Origination fee)
At this point, should I switch lenders? Most of my documents are ready, the appraisal is done, and I have insurance in place.
I'm putting 20% down but expect to get an additional $20k from the sale of my condo. Should I use that money to buy more points or increase my down payment? My goal is to have a lower monthly payment.
submitted by /u/Mustita
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Switch lenders?
Continue reading...
Now, my broker is offering 6.78% with 1 point, but I spoke with another lender, Third Federal, who offered 6.75% with no points. (1500 Origination fee)
At this point, should I switch lenders? Most of my documents are ready, the appraisal is done, and I have insurance in place.
I'm putting 20% down but expect to get an additional $20k from the sale of my condo. Should I use that money to buy more points or increase my down payment? My goal is to have a lower monthly payment.
submitted by /u/Mustita
[link] [comments]
Switch lenders?
Continue reading...