Getting the Best Rates on Home Loansby FDIC
You can negotiate the rates and terms of a home loan. You should look for a mortgage the way you'd look for a car -- get all the important cost information, shop around and, yes, negotiate for the best deal. Many consumers aren't aware that they can negotiate the rates, closing costs and other terms of a mortgage or home equity loan and possibly save thousands of dollars. People often think that when they get a quote on a loan from a lender or a mortgage broker (someone who finds a lender for you) that the same price is being offered to everyone. But a lender or broker may offer the same loan at different prices for different consumers, even if those consumers are equally qualified for the loan. Why? Often that's because the loan officer or broker is able to keep as income some or all of the difference between the lowest-price loan available and any higher rate the consumer agrees to pay.