Getting The Best Mortgage Rate
By: Jay Moncliff
Buying a home is an expensive endeavor so getting the
best possible mortgage rate should be one of your main priorities. By
deciding to get the best mortgage rate possible you will be making a
positive decision to help you for many years to come. However, just
deciding to get the best mortgage rate available is not going to get you
the best mortgage rate available. Instead, you will need to learn the tips
and tricks for negotiating with your mortgage lender in order to receive
the best possible mortgage rate for your personal situation.
Mortgage Rate Tip #1 Origination Fee
Your mortgage rate might be low in your mind, but you
must take the origination fee into account as well because this can
increase your APR. Lenders frequently charge 1%, but you can always
negotiate the mortgage rate origination fee lower. Also, if the
origination fee is much higher than 1% you need to either negotiate it
down, or find another lender with a more favorable overall mortgage rate.
Mortgage Rate Tip #2 Lock in the Rate
When negotiating your mortgage rate, make sure your
lender is prepared to lock in your rate for at least 30-60 days. This way
you will be guaranteed a particular rate even if rates skyrocket the next
day. Another not trick many individuals are not aware of is to include a
clause that also will allow you to take a lower rate if rates fall during
this period. This is a great mortgage rate tip because you get your
mortgage rate locked in so it can’t go any higher, but if the average
mortgage rate goes lower you receive the lower rate.
Mortgage Rate Tip #3 Fight
If the mortgage rate drops significantly and you have
already signed a deal locking in a particular mortgage rate and don’t have
a clause that ensures you will receive the lower rate, then you need to
fight. You simply need to call your lender and say that while you signed
the lock in agreement you want the lower rate. This will take some
negotiating, but your lender wants you business and might be willing to
negotiate the mortgage rate with you.
About the author: Jay Moncliff is the founder of
http://www.mileniummortgages.com a website specialized on Mortgage Rate,
resources and articles. This site provides updated information on Mortgage
Rate. For more info on Mortgage Rate visit:
http://www.mileniummortgages.com
Article Source: www.isnare.com
|
