Haven’t locked rate due to the crap from yesterday. Also seller has appraisal from 3 months ago coming in 75k higher than sale price. So waiting for new appraisal to come in and see where it sits, then decide to buy points.
Background to understand rate: they are using my credit at 692 and my wife’s at 781. DTI with loan is 38%. Hedging market to see if points are worth it now, or wait. Assume breakeven will be about 5-6 years if I get rate lower, so avoiding that.
Also have him taking that $830 point off, as it does nothing for me and takes 64 months to breakeven on it.
**Update, self employed, wife is w2 to my business as well. If that helps to understand the risk involved for the rate.
u/Cautious_Career_5885 — 14 days ago