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