Tuesday, February 19, 2008

Negotiation With Mortgage Companies [By Manny Vetti]

Finding the lowest rates and best terms used to be a difficult task. Fortunately, with the proliferation of the Internet, finding the lowest rates is a lot easier today then it was in the past. Why? Most mortgage seekers have moved to the internet to research rates and find mortgage companies, this means the mortgage companies have to position themselves where people are looking. It is so easy for every mortgage company to make themselves available on the internet to many people, this increases the competition. Since these mortgage companies know they are competing for your business with other mortgage companies they are more likely to start off giving you good rates and terms. But don't always assume that. Realize you have the power to negotiate because they want your business.
Mortgage companies have many different mortgage products they can offer you. For example, when you refinance you may want a fixed rate or an adjustable rate, you may want your repayment term to be 5 years, 15 years, or 30 years. Whatever the case, a mortgage broker's job is to provide you with a loan product that benefits you and yet represents a good investment for the lender.
Be aware of the current national mortgage rates as you don't want to be demanding from the lender a rate that is not possible. Be sure to speak to a few of the lenders so you will have a few quotes you can use as benchmarks or leverage when negotiating. Lenders can't just give you a quote unless they know your credit score and some other financial information so be prepared. Also be aware that you can negotiate closing costs as well which is why you want to get a few good faith estimates. By talking with different lenders they can all offer different products and rates and it gives you the flexibility to choose what rate/solution would fit your individual needs the best. Lastly, make sure you ask questions!
Find more mortgage solutions by visiting http://www.endthisdebt.com a website that specializes in providing refinance and mortgage advice as well connecting individuals with mortgage specialists based on your individual needs
If you need help with your refinance and would like to get free quotes click the link below and fill out the form about your current situation.
Four Free Mortgage/Refinance Quotes
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