Negotiate Lower Costs for Your Home Loan

Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about First Time Home Buyer Tips and other Mortgages topics.

Can I negotiate with the lender for lower costs on my home loan?

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.



Nobody has commented on this tip yet. Be the first.


URL: (optional)


Not finding the advice and tips you need on this Mortgages Tip Site? Request a Tip Now!

Guru Spotlight
Joe Wallace