Nile said:
You should consider using the seller credit for a 2-1 temporary rate buy-down.
I’m already using it for a 2-1 buy-down, but I still feel stuck with a bad deal.
Nile said:
You should consider using the seller credit for a 2-1 temporary rate buy-down.
You could refinance after closing, especially if rates improve. Use the credits to offset closing costs instead of buying down the rate permanently.
Nile said:
You should consider using the seller credit for a 2-1 temporary rate buy-down.
I work in the mortgage industry, and this rate is very high for your credit profile. Shop around for better options before you close.
@Jordan
I’d be happy to help if you need additional options. You can shop multiple lenders without affecting your credit much.
Nile said:
You should consider using the seller credit for a 2-1 temporary rate buy-down.
This rate feels way too high for your situation. Are you able to back out of using the builder’s lender?
@Oak
Unfortunately, I’m locked into their lender because of the contract and the large earnest money deposit.
Kiran said:
@Oak
Unfortunately, I’m locked into their lender because of the contract and the large earnest money deposit.
Remember, you can always walk away from a mortgage application, even if it’s with the builder’s lender.
Nile said:
You should consider using the seller credit for a 2-1 temporary rate buy-down.
Did you consider asking the builder if they would honor the seller credit with another lender? That might give you better options.
@Jin
No, I didn’t think they would, especially with how the contract is structured.
Nile said:
You should consider using the seller credit for a 2-1 temporary rate buy-down.
Are you sure this rate is competitive? I’m seeing FHA loans at 6.5% in some areas.
Nile said:
You should consider using the seller credit for a 2-1 temporary rate buy-down.
Are you sure this rate is competitive? I’m seeing FHA loans at 6.5% in some areas.
FHA doesn’t make sense if you’re putting down 20% and have a 780+ credit score. Stick with conventional.
Nile said:
You should consider using the seller credit for a 2-1 temporary rate buy-down.
Did the builder’s lender offer any options to buy down your rate permanently? I managed to get my rate down to 4.5% that way.
Nile said:
You should consider using the seller credit for a 2-1 temporary rate buy-down.
I just locked in at 7.125% with an FHA loan, 3.5% down, and a 650 credit score. Feels like you’re paying way too much.
@Auden
That’s not great for FHA either. FHA rates are usually much lower than conventional. You might want to shop around too.
Nile said:
You should consider using the seller credit for a 2-1 temporary rate buy-down.
My lender recently quoted 6.375% for a conventional 30-year loan. Your rate seems off by comparison.
Nile said:
You should consider using the seller credit for a 2-1 temporary rate buy-down.
Builder incentives can be tricky. They often inflate the price of the home to cover the credits they give you.
Nile said:
You should consider using the seller credit for a 2-1 temporary rate buy-down.
I work for a builder, and we’re offering 5.99% fixed with no points or costs. Your rate seems unusually high.
Nile said:
You should consider using the seller credit for a 2-1 temporary rate buy-down.
This rate feels excessive. I recently locked in at 6% fixed for a conventional loan with 20% down and a 780+ score.
Nile said:
You should consider using the seller credit for a 2-1 temporary rate buy-down.
That rate is rough for someone with your credit score and down payment. Definitely feels high.
Nile said:
You should consider using the seller credit for a 2-1 temporary rate buy-down.
I locked in at 6.625% for a conventional loan with 15% down last week. No points or credits. Your deal feels expensive.