“Paying for a Closing Twice in 18 Months makes NO SENSE”

“Paying for a Closing Twice in 18 Months makes NO SENSE”






Molly and I are attempting to put a plan together that makes sense for all parties on the New Hampshire. As you know we have been renting with an option to buy.

The last time we spoke you indicated that financing was available to us now, but recommended that we wait until next year when our short sale would be seasoned over 3 years. Is this still the best plan for us.

If we can structure a mortgage with a lending source that allows the monthly mortgage payments to be $2,100 or below we can come up with a $35k down payment.

Don has indicated that he would be willing to pay the majority of the closing costs if we closed sooner.

My concern is that holding off and paying rent instead during this term would hurt more than closing sooner with interest rates climbing rapidly in a now robust economy, locking in may be a better plan especially if we would only end up paying for one closing to refinance or not at all if the terms were attractive enough in the original mortgage?

Please let me know your thoughts?


Thanks! Mike and Molly


Yes. A mortgage would be available to these clients now, but the idea of paying closing costs all over again in such a short time period just makes no sense to the client. Sure, it would be good for me but not for them. The interest rate to close now would be around 7% for an adjustable interest mortgage and probably 5% for a 30-year fixed rate in less than 18 months. We wait for sure.


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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com



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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Comment balloon 5 commentsJoe Petrowsky • July 11 2018 01:42PM


Making sure our clients have the best information wo they can mmake good decsions.

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) about 2 years ago

Yes, patience is sometimes the best answer. 

Posted by Kat Palmiotti, The House Kat (406-270-3667, kat@thehousekat.com, Broker, Blackstone Realty Group - brokered by eXp Realty) about 2 years ago

Good morning, Joe Petrowsky that's good guidance, for sure....

Posted by Barbara Todaro, Marketing Agent for The Todaro Team (RE/MAX Executive Realty ) about 2 years ago

Good morning Joe. Not all advice pays immediate dividends, but long term it pays off. Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) about 2 years ago

I would hope that all mortgage bankers would have the sense to give the same advice.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) about 2 years ago