Can the mortgage rates be negotiable?

Jun 13, 2019 at 3:16 AM

  1. LeoJohnson

    LeoJohnson New Member

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    New York
    I'm learning a TON about the mortgage game. There's so much that goes on behind the scenes with mortgages being bought/ sold, etc.

    With all this craziness, I just had the thought, are mortgage rates negotiable?

    I've called around a bunch the past couple days shopping for the best rate. I've been quoted several different interest rates for the exact same loan. 2 specific examples are 4.375% and 4.25%.

    So my question is this, are the rates negotiable? What happens if I walk into one of these local banks and tell them that I'll only pay 4%? Do I get laughed out of the bank? Are mortgage originators allowed to adjust rates?

    Also, should I go with the three years fixed rate mortgage or with the variable rates?. Are we going to see a rise in the interest rates anytime soon?
    LeoJohnson, Jun 13, 2019 at 3:16 AM
  2. fed up

    fed up Guru

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    Doubt that you can tell your bank what you will pay but that doesn't mean you can't shop lenders to find the best rate. With the economy in the current state I would opt for a 30 or 15 year fixed rate but that is just me hedging my budget options
    fed up, Jun 13, 2019 at 8:54 AM