The application process for a home loan can be complex and hectic. When borrowers get caught up in the moment, they often forget to angle for better deals.
Tips For Saving Money on Your Home Loan
The best way to save money on your home loan is to get the interest rate reduced. Cutting the interest rate by even a quarter point can save tens of thousands of dollars in interest payments over the life of the loan. Unfortunately, lenders are very resistant to cutting interest rates. The only bullet you really have in your arsenal is to bluntly state that you will take your business elsewhere if they do not cut the rates. Since the real estate market is cooling off, lenders are becoming more receptive to these suggestions since they no longer have loans just pouring through the doors. If the market heats back up, you can forget about the viability of this position.
If you are going to try to get the interest rate knocked down, information is your friend. You will have far more success if you can show the lender a better interest rate being offered by another lender. Look for marketing pieces by other lenders on the same or similar loans.
There is really...
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