Can I change my mortgage terms after I have "locked"?
I started out thinking I would like a 15 year mortgage, but I am now thinking that I want to lower my payments and make it a 30 year term. Am I able to do this? by les980 from Hugo, Colorado. Feb 22nd 2016
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Yes.. Just contact your loan officer and let them know before they have loan doc's drawn.. any changes have to go back to the underwriter, so the sooner the better.. you also might want to look at a 20 year mortgage.. the rate is still lower than a 30 year, and the payments will still be less than 15.. Just a suggestion.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347
Derick Condron (rightstartoregon)
#30 ranked lender in Oregon - 598 contributions
Yep it may delay the closing depending on where you are in the process by a day or two but that is a valid change of circumstance.
Jesse Stroup (jessestroup)
#4 ranked lender in Idaho - 593 contributions
Yes you are able to change the loan term, call the mortgage professional working on your loan. Ask them, how do I switch the loan term from a 15 yr to a 30 yr? Your lender will walk you thought the process and any paperwork needed to sign. I hope that helps. Thanks, Jesse
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