All you have to
do is let the lender know that unless they’re willing to
negotiate, they won’t be the ones handling your
loan. It doesn’t even have to be a huge
point-break. A small fraction can knock a lot off
of the lifelong price of your loan.
When negotiating a mortgage,
you can look at trying to control the closing costs,
fees, and points, but you have to know where you stand
in the overall competitive market. Make sure
you’ve compared pricing with other lenders. All it
takes is a few phone calls and maybe one or two
face-to-face interviews.
Don’t try to bluff about the
competition, though – lenders usually keep a close eye
on the market. Try your financial institution
first – they won’t want to lose an existing
customer.
Disclaimer: The information
provided in this site is not legal advice, but general
information on financial issues commonly encountered. We
shall not be liable for any errors in the content or for
any actions taken in reliance thereon. Please consult
your financial
advisor.
