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#414044 - 10/08/12 09:10 AM Mortgage Negotiation.
Musa Opondo Offline

Registered: 09/24/12
Posts: 210
Loc: USA
I have heard people say that you do not have to accept what your lender is offering you as you can negotiate for a better mortgage.
Now that mortgage rates are lower and there seems to be few applications how can one take advantage and negotiate the mortgage details.

#414048 - 10/08/12 11:27 AM Re: Mortgage Negotiation. [Re: Musa Opondo]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7776
Loc: Vermont's North-East Kingdom
I always suggest that Buyers check with their current Bank ABC and get a quote first.

Then shop around and see how much better you can do elsewhere at Bank XYZ.

Finally, go back to your own Bank ABC, who already knows you, and tell them what their Competition at XYZ has offered and say:

"I'd hate to leave ABC after all this time; can't you match or better what Bank XYZ is offering?"

Bank ABC will then usually give you at least a token discount from what they quoted.

Still, most people are too shy to take that suggestion; and the economy assumes most people will eat what is fed to them . . . . and that's true.
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

#414062 - 10/08/12 11:14 PM Re: Mortgage Negotiation. [Re: Musa Opondo]
Dodger52 Offline

Registered: 10/14/11
Posts: 266
Loc: Montana
Everything is negotiable, but there isn't a lot of room in mortgages right now. Fees are limited by regulations, the secondary market is still uncertain, and with interest rates being as low as they are the profit just isn't there. If you are a perfect mortgage candidate they may be willing to work with you to insure future business. Any less than perfect and you can expect to pay the quoted rates.
Dodger52 (Chris)
Prudential Montana Real Estate

#415325 - 11/03/12 07:34 PM Re: Mortgage Negotiation. [Re: Musa Opondo]
Scintillion Offline

Registered: 01/26/12
Posts: 437
Loc: Colorado, USA
Everything is negotiable...but you are definitely going to want to be sure to go ahead and lock in your rate while you can get a good one.

Edited by Scintillion (11/03/12 07:34 PM)

#430096 - 11/08/13 05:31 AM Re: Mortgage Negotiation. [Re: Musa Opondo]
4cmortgages Offline
Junior Member

Registered: 11/08/13
Posts: 5
Loc: Dubai
Do not allow lenders to pull your credit report before you have chosen a lender. Multiple inquiries can negatively affect your credit score, potentially costing you a lower rate. Once you have chosen a mortgage company, you will authorize them to pull your credit report as part of the application process.

#434857 - 04/01/14 04:43 PM Re: Mortgage Negotiation. [Re: Musa Opondo]
Midland Mortgage Offline
Junior Member

Registered: 01/31/14
Posts: 4
Loc: Midland, Texas, USA
I agree that everything is negotiable and I agree that you shouldn't have your credit pulled prior to deciding who to go with. There are three factors that determine what the best long term benefit would be: Loan Amount, Down Payment and Interest Rate. Adjusting the values of all three factors should show you what the best direction to go would be. Make sure that you keep that in mind and use that as one of the negotiating pieces.

#435158 - 04/10/14 02:55 PM Re: Mortgage Negotiation. [Re: Musa Opondo]
DonFolz Offline

Registered: 04/10/14
Posts: 10
Loc: Charlotte
Always ask your LO what thrid party fees and services you can choose (ie., closing attorney) and comparison shop those.


#450311 - 02/04/16 08:29 AM Re: Mortgage Negotiation. [Re: Musa Opondo]
Pauline Offline
Junior Member

Registered: 02/04/16
Posts: 3
Loc: Buffalo, NY
Fortunately, I never had to worry about my mortgage because noble black my realtor helped make sure I get the best rate for my mortgage.


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