I purchased a property in the Bay Area and in the “California Residential Purchase Agreement and Joint Escrow Instructions” form, under D. Loans, under first loan, it says that the fixed rate should not exceed 3%.
However, my lender came back today saying the rate would be 3.5%. All contingencies are removed. What does this mean for the contract that I signed?
Does the contract need to be amended if I want to continue with the purchase? If I don’t want to continue with the purchase, can I back out of this offer while also keeping the escrow amount?