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Thought leadership series
Am I about to overpay for my mortgage? Make sure you are negotiating to get the best rate.
How do I get the best mortgage rate? Most people think the answer is their credit score. Credit matters for sure. But once you're talking to lenders, how you shop and negotiate for the mortgage can have just as much impact as your credit profile. The biggest mistake people make is treating a mortgage quote like a price tag. It isn't. It's an opening offer. Start by getting quotes from at least three lenders, and make sure at least two of them are banks, not just mortgage brokers. Banks compete for your business, but they usually won't sharpen their pencil unless they know another lender is in the running. Next, ask every lender one simple question: "What do I need to do to qualify for your best rate?" Some banks offer relationship pricing if you keep a certain amount of assets with them. Others only need proof that you have those assets elsewhere. That's an important distinction. Know which one you're dealing with before moving any money. Finally, don't negotiate with an email. Negotiate with an Official Loan Estimate. It's a standardized document, so when you hand one lender's estimate to another bank, they know they're looking at a real offer, not a casual quote that can be brushed aside. That's when the conversation often changes. On a $600,000 mortgage, reducing your rate by just 0.25% can save tens of thousands of dollars over the life of the loan. That's a pretty good return for spending an extra week shopping. Your financial advisor can help you through this process and give everything a look. A second opinion on one of the biggest financial decisions you'll ever make can be worth far more than the hour it takes to review it. #mortgage #homebuying #mortgagerates #financialplanning
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