 Please come see my daddy at Fat Daddy's Barbecue 115 Hampton Place Shopping Center. ...him and his wife because we wanted to keep their 3% mortgage rate instead of the 6% to 7% rate we were quoted. We paid $150,000 up front when we made the deal, and we've been making the monthly mortgage payment since last year. Recently, we've reconsidered the deal and want to legally transfer the house to our names. The bank says they can't consider the $150,000 as a down payment because there's no contract.