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Don't hesitate to negotiate when you are obtaining a home purchase loan. Here are some easy guidelines to follow that may save you hundreds or thousands of dollars.
* Ask the lender to put in writing all the costs and fees associated with your home purchase loan.
* See if your lender or broker will lower any of the fees, or even waive them.
* Find out if the lender or broker is willing to lower your interest rate or tack on fewer points.
* If you can reach an agreement, make sure that one fee is not being decreased as another one goes up.
* Finally, get a written lock-in from the lender or broker to guarantee the terms will not change and mortgage rates will stay the same. Lock-ins are good protection from rate increases. But if rates fall you are stuck with the rate you negotiated.