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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 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 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

Feb 22nd 2016
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Justin Murray (JustinMurray)
#102 ranked lender in Illinois - 172 contributions

Yes.

Feb 22nd 2016
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Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 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.

Feb 23rd 2016
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Jesse Stroup (jessestroup)
#4 ranked lender in Idaho - 591 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

Feb 23rd 2016
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