During you first car purchase, did you use negotiation to talk the price down? I’m assuming you did. The years may have went by and you are a bit older now, but now that you are working on buying a home and taking on a sizable Home Mortgage you should sharpen up your negotiation skills to put them to work to help you save thousands of dollars on your Mortgage Loan!

At Las Vegas Mortgage we understand the need to save money on your new home, we’re just like you.

Let’s start out with talking about fees - all the processes and documents that Home Loan lenders like to charge you for. Document preparation fees, research fees - talking about fees fee. All these fees can be talk down. After all, it’s not like they are using a scribe to write out your Home Mortgage documents — $275 to prepare a standard mortgage contract is a bit much. Ask about every fee and work to get them down. Let the lender know that you know they aren’t the only game in town and make them earn your business. Even if you knock only $100 off that is $100 more in your pocket for just a few minutes worth of negotiation. Do spend the time to negotiate bigger fees, and not the small ones. Start with the largest fee on the list - usually the lender/broker fees charged for points - and work your way down.

Now let’s talk about the rate you pay on your Mortgage Loan. Even a little discount can be a huge savings in the longer term when it comes to the Home Loan interest rate. The best way to negotiate on rates is to shop around and let each mortgage lender know that you are doing so. Always shop around with at least three mortgage lenders and be sure to check out the lenders who have setup shop online. Often times the best rate deal may not even be with a Home Financing lender in your hometown!

Mortgage Loan points is another concept you should be familiar with as you negotiate your Mortgage Loan. Your Home Financing lender is going to require you to pay these up front fees that could lower your interest. Another name for points is prepaid interest. Your best tool here is to make sure you understand that points only have real value if you plan to stay in your home for a length of time and you are not planning to refinance within a few years. Having said that, if you decide to purchasing points don’t be afraid to do some negotiation here - you could save yourself a sizable chunk of change by asking your Mortgage Loan lender to give a discount with the points.

The fact is the lender has a company policy on how much they need to make on a Home Financing loan. They know that there are many other mortgage brokers that can give you the Home Financing and will generally work with you in getting your Home Loan setup where both you and they can compromise a little. The biggest negotiating tool that you as a Home Financing shopper have is cash (and a good credit score). The more cash you can put down as a down payment on your home the better the position you will be in to negotiate with the lender.

As you prepare to get your next Home Financing use your negotiation skills to work the best deal possible. Don’t expect to win every battle, but you will be able to save a few bucks by being willing to negotiate with your Home Mortgage lender — just remember, negotiation means that you may have to compromise with the lender. You can’t have it all!