If you are dealing with an adjustable-
1) Know what a good rate is
If you are heading in to discuss the rate of your mortgage, it’s not enough to just say that you want a “good rate.” You should know what a good rate is! Do some research about rates, and decide what rates you would consider if presented to you, and what rate is the ideal rate you want.
2) Consider your long term goals
Remember that the average first-
This will give you some leverage when negotiating your own mortgage rate. However, make sure that these quotes are for adjustable-
It is generally a good idea to negotiate your interest rate first, and after you have settled on the interest rate talk about the closing costs. Sometimes loan officers will try to discuss both at the same time, and often end up talking you into higher closing costs that you would have otherwise agreed to.
5) Don’t focus mainly on negotiating your interest rate
Although that percentage is quite important, it is also a good idea to talk about the payback terms, rules for late payments, and whether or not you can make lump-
If this is your first experience with a mortgage, you are probably in the same boat as all other first time homeowners with the research that you have done, but it’s impossible to know everything. Loan officers will expect you to have questions about your loan, so don’t feel that you have to pretend to be an expert when you are not one.
Remember, most first-