Q: Do we have to sign a 5arm loan from our broker? We want a 30 year fix, and he says no, we have to do this for 6 months?
First time home buyer, and less than two weeks away from closing. We put down 3.5%, and have excellent credit. We feel that the rates are low enough and want to lock, but the broker and lender want to make more money off us. Does this sound right? We don't want to back out now, as lose the home, but I don't want to get screwed for the next 6 months when interest rates go up, and then they lock.
A: Best thing to do is discuss this with your agent's broker and with the loan officer. This may be the only way to purchase the home, but it may also be a way to get more business out of you. Remember, that you don't have to buy the house if you still have a loan contingency on the purchase.
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