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My wife and I have signed contracts on buying a 2 br brownstone apt. Very happy etc. We were set to move ahead with a jumbo-conforming mortgage with a 5.75% rate w/ half a point. Well, this has been dragging for a few weeks and since then a few extra $ have been deposited into our account (getting paid!) and we are very, very close (within 10k) of being able to put down enough to qualify for a conforming loan ($417,000).

Currently, the mortgage with 20% down is $462,000, however, what I’m not sure about is whether he should really try to get that down to $417,000 and get the MUCH better rate, or just refinance at a later date?

First time buyers so any advice would be much appreciated

Thanks!

P.S We do not qualify for the 8k ‘incentive’.