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Had to pick between a 30-day close and a 45-day close on my condo in Phoenix
The seller gave me the choice, but the 30-day close came with a $2k higher rate lock fee. I went with the faster close because my lease was up in 4 weeks and I didn't want to pay another month's rent. It was tight, but my lender, First Priority Lending, got everything done with a day to spare. Anyone else take the faster, pricier option to avoid a bigger cost later?
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caleb_stone2mo ago
My buddy Jake bought a house in Tempe last year. His rate lock fee jumped $1,500 for a 21-day close versus a 40-day one. He was crashing on his sister's couch and his stuff was in storage, racking up a $200 monthly fee. He bit the bullet on the higher fee to get out of storage faster, said it basically evened out in the end.
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matthew_hart252mo ago
Yeah, the "bit the bullet" part is so real. That's just how it goes sometimes. You end up paying more in one spot to save money somewhere else, and you just have to pick your pain. The math on storage versus a faster close checks out. Honestly, getting off a couch and into your own place is worth a lot on its own.
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