Can You Negotiate Better Mortgage Costs?November 13, 2018
In the digital age, it’s easier than ever before to shop around before you buy. People shop around before buying a car, heading out on vacation or settling on a new pair of shoes – so why shouldn’t you do the same when searching for the right mortgage? As the costs related to buying a home continue to rise, it’s important to work with a great mortgage company that is flexible and willing to give you the best deal possible. Want to negotiate your closing costs with your mortgage lender? You totally can! Keep reading to learn more.
Is There Room for Negotiation with Mortgage Lender Fees?
Once your loan officer has gathered all of the necessary information to get your loan approved, you may feel like the final costs associated with the process are out of your hands. While most people believe that lender’s fees are fixed, in reality, there may be some wriggle room for you to work with. With so many options for homeowners these days, mortgage companies are more willing to work with you in an effort to retain your business. So don’t be afraid to negotiate costs when you can.
One way that you may be able to negotiate lender fees is to ask your mortgage company if certain fees, like the application fee can be waived. Additionally, your mortgage lender may be willing to offer you a credit to help offset some of your closing costs. Just be aware that this can often result in a higher interest rate.
Choosing the Right Mortgage Lender
Remember that ultimately, you have the right to choose which lender you’d like to work with. There’s no reason to settle on one mortgage lender without carefully weighing out all of your options!
Want to learn more about the mortgage process? Call 800.489.8910 or contact our team online today for more information.