Locking in rates
Looking for some advice from anyone who’s been through this.
We’re currently in escrow on a home and are scheduled to close in early August.
Our current mortgage broker is offering a 1-0 buydown, but that offer expires tomorrow, so we’d need to lock it in today. We’ve also learned that other mortgage brokers are offering 2-1 buydowns, which would lower the payment for the first two years instead of just the first.
We’re not asking whether a 2-1 results in a lower payment—we understand that it does.
What we’re really trying to figure out is whether it’s worth switching mortgage brokers while we’re already in escrow.
For those who’ve been in a similar situation:
-Did you switch lenders or brokers after escrow had already started?
-Were there any unexpected downsides, such as delays, additional paperwork, or issues with closing?
-Is there any real benefit to staying with the original broker/lender if another broker can offer a better overall deal?
We’re trying to balance saving money with avoiding unnecessary risk or complications this close to closing. We’d really appreciate hearing about your experiences or anything we should be considering before making a decision.
For context, this is a VA loan if that makes any difference.