this post was submitted on 17 Sep 2023

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18

Negotiating mortgage rates (lemmy.nz)

submitted 1 year ago by [email protected] to c/[email protected]

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Once upon a time, I seem to remember some folks managing to negotiate better rates than carded.

Is this still a thing?

If so, how do you go about doing it?

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[–] [email protected] 2 points 1 year ago

Get another quote from a different broker. You'll be shocked at how fast the rates go down.

You can also buy down points. Basically the broker is going to make their money off markup. They get a percentage for every percentage they bump you. You can then buy those down. That means you pay several thousand dollars to lower the rate. It can be tens of thousands depending on the buy down and the cost of the house. But do the math and it can equate to hundreds of thousands over the life of the loan. If you're not planning on staying there for 30 years then do the math against how long you think you'll be there.