What if when you’re purchasing a home the seller requires you to close in 21 days versus the normal 30 days?
The scenario for Bob and Ellen on an $850,000 loan, $900,000 purchase price, 740 FICO, single family home, 30-year fixed rate:
  • Lender A is offering 21-day close @ 4.125%, 4.352% APR, $4,119.52/monthly P&I
  • Lender B is offering 30-day close @ 3.375%, 3.609% APR, $3,758/month P&I
  • Difference = $361.70 per month or $130,212 over 30 years
Is it worth potentially $130,212 more over 30 years to close 9 days sooner? Bob and Ellen may not be aware of this better option. Or, they may be able to refinance to a much lower rate immediately following the loan closing.
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