Can the mortgage rates be negotiable?

LeoJohnson

New Member
4
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?
 
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
 
No rates are determined by credit score and loan amount. % you put down etc. Call a mortgage broker - we beat the big banks and rates just dropped to their lowest levels yesterday . Where are you buying?
 
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?
I’ve never found rates to be negotiable, maybe if you deal with a large bank on a multimillion $ loan. You might want to check out Pentagon Federal Credit Union; I went with their 15 year adjustable rate mortgage and they paid $10,000 of my closing costs.
 
What was your rate for the 10K nust have been a bond downpayment assistant program otherwise for 10k credit your rate was super high
 
What was your rate for the 10K nust have been a bond downpayment assistant program otherwise for 10k credit your rate was super high
3.625, May, 2017 on new purchase; to get the credit, you have to use one of their affiliate real estate brokers, which is not a problem at all.
 
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?
If you can accurately predict interest rates you’ll pass Buffett and Gates.
 
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