Las Vegas Mortgage advice- Use Neotiation
February 27th, 2008 | 
Author: 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!
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July 16th, 2009 9:10 pm
nice post, i think negotiation can really be helpful for both sides because you can really learn what both parties want to accomplish.
October 1st, 2009 1:53 pm
The main things to watch out for when getting a mortgage, apart from the interest rate, are any fees or pre-payment penalties. These can be the ’sting in the tail’.
February 13th, 2010 7:17 am
Las Vegas is a city that is always vibrant with energy. Homeowners and speculators would have learned strong lessons in the subprime crisis. When the gloom is over, everything will, for sure, look up again for the beautiful city of lights.
February 22nd, 2010 10:52 pm
These days you can only negotiate if you have spotless credit. Given lenders’ appetite for quality customers, you would likely get a good deal. If your credit is not good, you have to take what they give you.
February 24th, 2010 2:55 pm
Very nice website.
March 4th, 2010 10:27 pm
With banks tightening their credit standards these days, mortgage brokers are playing a very important role these days, by helping borrowers find the best financing available based on the borrower’s credit.
March 7th, 2010 12:49 pm
Informative article indeed.It is better to negotiate if we have spotless credit!
March 11th, 2010 1:12 am
It is very wonderful negotiate if we have spotless credit.
March 18th, 2010 4:42 am
You are correct,i will totally agree with you,thanks for giving such valuble info.
March 29th, 2010 5:59 am
You are absolutely right! I think, negotiation is very useful.
April 3rd, 2010 7:28 am
Wow. I really like the way you point out your thoughts about lending.
May 19th, 2010 12:45 pm
Great pointers! Thanks for sharing and putting so much thought and time into this article. It’s a big help for those of us who hope to keep our house value as high as possible. 5*’s and a recommend!
May 30th, 2010 7:22 am
Various people in all countries take the business loans from different creditors, just because it’s simple and comfortable.
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June 10th, 2010 2:44 pm
Hi friend,
Fix the title, you have missed spelled it.. there is a ‘g’ missing in negotiation..
Thank you for the article,
I believe in ‘give some - get some’ tactics, to keep something the lender might need, and give it after asking for something in return.
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June 17th, 2010 2:21 am
Well interesting post with a nice vision. I also believe that negotiation is the best technique to keep the prices down.
June 20th, 2010 10:02 pm
Yes, negotiation is not easy but the result will be very beneficial for us.
June 23rd, 2010 6:28 am
When it comes time to consider such a large purchase, you definitely want to shop around for the best offer. You also want to learn about the different mortgage types beforehand because when you apply, it will be for a specific mortgage type.
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I think Loan Modification is helpful for investors in terms of affordable payment.
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September 3rd, 2010 8:20 am
Wow. I really like the way you point out your thoughts about lending.
September 7th, 2010 5:45 am
I just want information on how much I’m likely to be given a mortgage for and that kind of thing. First time buyer, thanks for any help provided.