Buying down rate AFTER locking-in rate???

[llecs]

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@Anonymous wrote:

JM-AM, what is OP?

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[Anonymous]

Just an update: my lender allowed me to buy down the rate after locking. Originally he was giving me a credit of $3000 towards closing with a 3.75% rate. Instead I had him reduce my rate to 3.5% and now only get $1350 towards closing. After the credit my closing costs come to $7134 without down payment and upfront PMI. Upfront PMI is $3666 and I am rolling it into the loan.

i also called 2 other lenders today since some said my rate seems high. No one could be 3.5% with the same closing costs. Thanks for all the info. 

[JM-AM]

No one can be?

I understand your situation, but to confirm your situation, its not that they cant do it at 3.5, its because it drops into their income and profits.

But under the circumstances since you cant find one, you need to play with all the numbers and see what will work best for you.

[Anonymous]

Sorry, that was suppose to say no one could BEAT 3.5%. Yes I am sure no one is willing to go any lower because it is cutting into their profit.

Any how I am sticking with the original lender and bought down my rate to 3.5%.

[JM-AM]

Glad you are happy..

Your almost done now....