December 10th, 2015 7:56 AM by Jackie A. Graves, President
A: Mortgages are just as negotiable as any other product or service.
it's a new home purchase or refinancing of
an existing loan, the best way to start is to take multiple bids from lenders.
There are several free mortgage comparison websites that can help you narrow
your search and make the process easier. Get a good faith estimate, including
all the fine print.
Advertising in the
mortgage industry is just as deceptive as in any other industry. The advertised
rates assume perfect credit and a big down payment. You get a different offer
if you don't quite hit those marks, and that offer may be among the least
Pay close attention to the
various fees and stipulations involved. Demand an explanation of the mortgage
rate pricing adjustments if something seems unclear.
Try get an even better
deal than what the lender originally offered. The rate itself doesn't have that
much wiggle room in these low-interest times, but ask the lender to shave off
at least a little based on your strengths. An excellent credit history is attractive to a lender, as is an above-average
down payment. Be prepared and have documentation ready to back up your claims.
costs is another highly negotiable area. The service, underwriting and document
charges are all open to negotiation. The lender can usually waive the
application and processing fees altogether. Even carrier charges, where sending
a document via FedEx can supposedly run into three figures, should be
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