What if you were having an excellent credit score and paid an above than average down payment, would it affect your interest rates? Apparently, if you negotiate with the mortgage company based on your excellent credit score and slightly more than average down payment, chances are higher that the mortgage company would be able to address your needs in the best manner possible.
It would be pertinent that you should make use of your competitive spirit and ask whether the lender would be matching the terms that you have come across elsewhere. Several mortgage companies have been constantly battling with each other for your business in the present competitive times. It would be specifically true for the times when the marker has been down. There have been fewer buyers for the taking. The lender would frequently be slashing the fees to seek customers on board. It would not be wrong to suggest that any customer shopping around with multiple lenders would let everyone know they have been competing with other available options and the customer stands to pay lower mortgage fees as compared to the customer who does business with the initial lender that calls them for mortgage loans.
Even though it might appear to be slightly early in the mortgage loan seeking game, you could ask about the closing costs as well. You should rest assured that the service, document, and underwriting charges would all be open to negotiations. It would be the prerogative of the mortgage provider to waive the application along with the processing fees completely. You could also look forward to challenging the carrier charges.
However, it would be pertinent that you should consider rectifying your credit score along with saving some money to pay slightly higher down payment for your home buying needs. It would enable the mortgage company to consider your request of reducing certain fees and interest rates.