INTEREST RATES: Negotiable?
Lenders and Investors will sometimes negotiate
on the interest rate and points, but it isn't common with established
lenders. Like any product, you should check around and know the current
market. Become an informed borrower.
What is a mortgage
who originates, sells, and services mortgages in the secondary
What is a mortgage broker?
An individual or company
which brings borrowers and lenders
together for the purpose of loan origination, but which does not originate or
service the mortgages.
The broker might also negotiate with the lender to try and find the best
possible financing deal possible for the borrower.
Different lenders will be motivated by
different qualifications. Where some will be credit score driven, other
will concentrate more on income and debt ratios.
When shopping for a loan, make use of all
possibilities such as newspapers and the internet. Another source will be
your real estate agent. Your agent will be able to give you information,
and leads on where to get more information.