Some good news is knocking at the door of prospective homeowners worried about the recent surge in mortgage rates.
The previously booming home- loan industry is undergoing a contraction. In fact, the Mortgage Bankers Association predicts the industry will shrink by 14 percent in 2006. What’s the good news? That means lenders are competing harder to win your business and you can take advantage.
Beyond discounts and extended terms, banks are leveraging their scale to eliminate many of the costs that cause confusion and frustration for homebuyers at closing. Bank of America’s Floyd Robinson says his company offers real savings off closing costs of up to $2,000.
Robinson says they can offer this because they cut internal costs from the process and are passing those savings on to customers. These funds can be critical when applied towards the down payment, moving fees or new home amenities.
Robinson suggests you follow these tips when shopping for a mortgage in this new lending environment:
• Check with your bank first-banks may reward your loyalty by offering a relationship discount.
• Don’t pay for fees that...
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