he application process for can forget about the viability of
a home loan can be complex this position.
and hectic. When borrowers
get caught up in the moment, they If you are going to try to get
often forget to angle for better the interest rate knocked down,
deals. information is your friend. You
will have far more success if you
Tips For Saving Money on Your can show the lender a better
Home Loan interest rate being offered by
another lender. Look for
The best way to save money on marketing pieces by other lenders
your home loan is to get the on the same or similar loans.
interest rate reduced. Cutting
the interest rate by even a There is really only one definite
quarter point can save tens of way to cut down the interest rate
thousands of dollars in interest on the loan. It has to do with
payments over the life of the points. If you have a pool of
loan. Unfortunately, lenders are cash at the time of application,
very resistant to cutting you can attempt to buy down the
interest rates. The only bullet interest rate by paying more
you really have in your arsenal points at the outset. While
is to bluntly state that you will lenders are receptive to this
take your business elsewhere if approach, most people do not have
they do not cut the rates. Since large piles of cash lying around.
the real estate market is cooling Scraping enough together for the
off, lenders are becoming more down payment is usually a
receptive to these suggestions sufficient problem. Still, there
since they no longer have loans are other ways to save money on
just pouring through the doors. your mortgage.
If the market heats back up, you
If a lender is charging you
points on your home loan, they Cutting the best deal possible at
are highly negotiable. Lenders the time you apply for a mortgage
view points in a more flexible is critical. Even small
manner. The higher the value of concessions by the lender can
the home you purchase, the more a save you tens of thousands of
reduction in points can save you dollars over the life of the
money. If nothing else, you have loan.
nothing to lose by asking for a
quarter or half point reduction.
About the Author:
Dan Lewis is with http://www.gwhomeloans.com - San Diego mortgage brokers providing San Diego home loans. Visit http://www.gwhomeloans.com/services.html to learn more about options on San Diego mortgages from a San Diego mortgage broker company.
Read more articles by:
Dave Lewis
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