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Once you are satisfied with the terms you have negotiated, you may want to obtain a
written lock-in from the lender or broker. The lock-in should include the rate that you
have agreed upon, the period the lock-in lasts, and the number of points to be paid.
A fee may be charged for locking in the loan rate. This fee may be refundable at
closing. Lock-ins can protect you from rate increases while your loan is being
processed; if rates fall, however, you could end up with a less favorable rate. If that
happens, try to negotiate a compromise with the lender or broker.
Next: Remember: Shop, Compare, Negotiate
Back to: Mortgage Overview
written lock-in from the lender or broker. The lock-in should include the rate that you
have agreed upon, the period the lock-in lasts, and the number of points to be paid.
A fee may be charged for locking in the loan rate. This fee may be refundable at
closing. Lock-ins can protect you from rate increases while your loan is being
processed; if rates fall, however, you could end up with a less favorable rate. If that
happens, try to negotiate a compromise with the lender or broker.
Next: Remember: Shop, Compare, Negotiate
Back to: Mortgage Overview
Obtain the Best Deal That You Can
Once you know what each lender has to offer,
negotiate for the best deal that you can. On any
given day, lenders and brokers may offer different
prices for the same loan terms to different
consumers, even if those consumers have the same
loan qualifications. The most likely reason for this
difference in price is that loan officers and brokers
are often allowed to keep some or all of this
difference as extra compensation.
negotiate for the best deal that you can. On any
given day, lenders and brokers may offer different
prices for the same loan terms to different
consumers, even if those consumers have the same
loan qualifications. The most likely reason for this
difference in price is that loan officers and brokers
are often allowed to keep some or all of this
difference as extra compensation.
Generally, the difference between the lowest available price for a loan product and any
higher price that the borrower agrees to pay is an overage. When overages occur, they
are built into the prices quoted to consumers. They can occur in both fixed-rate and
variable-rate loans and can be in the form of points, fees, or the interest rate. Whether
quoted to you by a loan officer or a broker, the price of any loan may contain overages.
higher price that the borrower agrees to pay is an overage. When overages occur, they
are built into the prices quoted to consumers. They can occur in both fixed-rate and
variable-rate loans and can be in the form of points, fees, or the interest rate. Whether
quoted to you by a loan officer or a broker, the price of any loan may contain overages.
Have the lender or broker write down all the costs associated with the loan. Then
ask if the lender or broker will waive or reduce one or more of its fees or agree
is not agreeing to lower one fee while raising another or to lower the rate while
raising points. There’s no harm in asking lenders or brokers if they can give
better terms than the original ones they quoted or than those you have found
elsewhere.
ask if the lender or broker will waive or reduce one or more of its fees or agree
is not agreeing to lower one fee while raising another or to lower the rate while
raising points. There’s no harm in asking lenders or brokers if they can give
better terms than the original ones they quoted or than those you have found
elsewhere.
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Home Mortgages: Looking for the Best Mortgage
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