{"id":1745,"date":"2016-04-26T11:11:27","date_gmt":"2016-04-26T18:11:27","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=1745"},"modified":"2016-04-25T13:21:08","modified_gmt":"2016-04-25T20:21:08","slug":"yes-you-can-negotiate-your-mortgage-with-so-many-options","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/04\/yes-you-can-negotiate-your-mortgage-with-so-many-options\/","title":{"rendered":"YES! You Can Negotiate Your Mortgage with So Many Options"},"content":{"rendered":"<p style=\"text-align: justify;\">You\u2019ve spent the last few years trying to avoid unnecessary purchases, slowly filling up your piggy bank and perhaps even held your hat out to mom and dad. Well, the day has finally come \u00ad\u2014 you\u2019ve saved up enough for a down payment! Congratulations, you\u2019re ready to buy a house.<\/p>\n<p style=\"text-align: justify;\">Almost.<\/p>\n<p style=\"text-align: justify;\">You just have to borrow the other 80 per cent (or so). For this, you need a mortgage.<\/p>\n<p style=\"text-align: justify;\">But how to ensure you get the best deal? With so many options these days \u2014 traditional big banks, online lenders, private lenders and credit unions, just to name a few \u2014 it\u2019s hard to know where each can be flexible and what demands you can make.<\/p>\n<p style=\"text-align: justify;\">Negotiating a mortgage is a bit different than haggling in a souk, but just barely. Danielle Kubes outlines what you need to know.<\/p>\n<p style=\"text-align: justify;\"><strong>The rate is always negotiable<\/strong><br \/>\nRob McLister, founder of mortgage rate comparison website RateSpy, says posted rates aren\u2019t the final word. \u201cThere\u2019s only a minority of cases you have lenders that have strict every-day low prices all season that are inflexible, \u201c he says. \u201cBut even then the lenders can make exceptions for strong clients.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>But the rate is NOT king<\/strong><br \/>\nYes, a low interest rate will save you a ton of money over your mortgage term, but these low rates often come with caveats hidden in the small print. Since all lenders currently post their rates online, and they know borrowers are most likely to click on an advertised low rate, the rates are already competitively low. To make up for this, McLister says, they\u2019ve tightened the reins on the contract. They\u2019ll add clauses, like your mortgage has to close in 30 year or less, or raise penalty fees. \u201cYou have to be aware it\u2019s not always apples to apples,\u201d he says of comparing rates between institutions.<\/p>\n<p style=\"text-align: justify;\"><strong>So, negotiate on things other than the rate<\/strong><br \/>\nThere are a ton of extra fees you have to pay when dealing with a mortgage. Appraisal fees, legal fees, deed fees, discharge fees, transfer fees \u2014 it\u2019s basically a fee party. These are items that you can save on, especially if you want to go with a traditional bank, which offers more services but higher rates.<\/p>\n<p style=\"text-align: justify;\"><strong>Negotiate by using leverage<\/strong><br \/>\nLenders are more likely to negotiate the bigger your mortgage is.\u00a0 \u201cIf you have a $500,000 mortgage,\u201dMcLister says, \u201cYou\u2019re going to get stuff paid for because there is more absolute profit in the deal.\u201d Similarly, if you\u2019re using a mortgage broker, you can ask them to take less commission when dealing with a large mortgage. They will still be making a good-enough commission and they want your business.<\/p>\n<p style=\"text-align: justify;\"><strong>Base your negotiation in research<\/strong><br \/>\nBefore you make your case you need to know what the going rates are and how each lender operates. But you also can\u2019t expect a big bank to match the rates of an online-only lender because the services are different. \u201cNever try to use an online rate that doesn\u2019t apply to you to negotiate with a lender, because they will see right through that,\u201d McLister says.<\/p>\n<p style=\"text-align: justify;\"><strong>Some things are non-negotiable<\/strong><br \/>\nIf you want to break your mortgage with a lender because, let\u2019s say, you want to sell your house and rent, or refinance with a different lender, you may be on the hook for a penalty fee. Once you want to break your mortgage with a particular institution, that lender has \u201czero incentive\u201d to negotiate, McLister says.<\/p>\n<p style=\"text-align: justify;\"><strong>Bottom line<\/strong><br \/>\nNegotiating your mortgage isn\u2019t hard, it\u2019s just knowing what you\u2019re willing to compromise on \u2014 rate, service or fees. The more money you\u2019re borrowing and the more you know about the different rates and lenders (and their small print) available to you, the more power you\u2019ll have. Happy mortgage hunting!<\/p>\n<p><a href=\"http:\/\/business.financialpost.com\/personal-finance\/mortgages-real-estate\/yes-you-can-negotiate-your-mortgage-with-so-many-options-heres-where-to-start\" target=\"_blank\">YES! You Can Negotiate Your Mortgage with So Many Options<\/a> by Danielle Kubes | Financial Post<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You\u2019ve spent the last few years trying to avoid unnecessary purchases, slowly filling up your piggy bank and perhaps even held your hat out to mom and dad. Well, the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/04\/yes-you-can-negotiate-your-mortgage-with-so-many-options\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-1745","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>YES! 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