Negotiation Strategies for First-Time Home Buyers: What You Need to Know

Do You Know Everything You Need to Know About Your Future Mortgage?

You’re in the market for your first home and it feels like your lender has all the cards. You don’t want to pay more than you have to for a mortgage loan, but your lender gives you the idea that the rate they offer you is etched in stone. If you’re not willing to take the rate they offer, then you simply can’t get a mortgage.

But is that really the case? Are mortgage loan rates non-negotiable for first time buyers? In fact, there is room to negotiate, but you have to know the right strategies. Here’s the information you need if you’re trying to negotiate the best mortgage rate for your first home loan.

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Is It Actually Possible to Negotiate a Better Mortgage Rate?

Making Sure You Get the Best Mortgage Interest Rate

When you are looking to buy a home, your first priority is finding a lender who will give you the amount you need for the home you want. Naturally, you want the best mortgage rate, but as the borrower, you may not feel that you have much leverage to negotiate.

However, even half a percentage point in the interest rate you’re tied to can save you thousands of dollars over the course of your loan, so it is in your best interest to try to use whatever negotiating power you may have at your disposal. If it’s possible to negotiate a better mortgage rate, then you always should; here are some strategies to get you started on the process.

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