Negotiate Lower Costs for Your Home Loan

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.