Negotiations with lenders

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vv19
Posts: 1159
Joined: Thu Aug 23, 2012 8:56 am

Negotiations with lenders

Post by vv19 »

After getting my offer accepted by the seller, I started negotiating the rates with 4-5 lenders. Their rates are equal, the only difference is the fees and buyer credit. Is there a way I can negotiate with these lenders asking for a better deal compared to what another one is offering? This is my first experience with mortgages so not sure how to proceed with that. Thanks!
bkslainte
Posts: 173
Joined: Tue Aug 21, 2012 6:37 pm

Re: Negotiations with lenders

Post by bkslainte »

Yes, of course. Just ask them to provide their best pricing. I would also be upfront with them that you are looking at several different lenders.

Also, although rates may be the most important thing to you, you should also consider other factors such as:

Can this lender close on time?
Is the lender responsive when I email or call?

If the rates are very similar, I usually choose the lender who is responsive, easy to work with and who I know can close on time.
denovo
Posts: 4808
Joined: Sun Oct 13, 2013 1:04 pm

Re: Negotiations with lenders

Post by denovo »

I prefer lenders that start with their best rates via a competitive bid.
"Don't trust everything you read on the Internet"- Abraham Lincoln
sport
Posts: 12094
Joined: Tue Feb 27, 2007 2:26 pm
Location: Cleveland, OH

Re: Negotiations with lenders

Post by sport »

If you will want to bunch your tax deductions into alternate years, it is very helpful to pay your real estate taxes yourself, instead of part of your monthly mortgage payment. Some lenders want the taxes included with the payment to them. That policy may be negotiable. If they will not negotiate this, it may be a factor in determining which lender to use.
Jeff
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