Mortgage Discount negotiating.
I am currently in the process of purchasing a new home. I was wondering
if anyone could help me out with determining what areas are truly
"negotiable" (and how negotiable) with the mortgage lender/broker (i.e.
orgination points, fees, interest rates, etc.).
Also, how much leverage is gained by offering to give both the interim
construction loan and the permanent mortgage to the same firm? Has
anyone had any experience (positive/negative) with the "One-Time Close"?
Any assistance or input would be greatly appreciated.
lenders that sound too good to be true. i.e. Your moving truck is
sitting outside and company x still can't close your loan, how much is
that lower 1/8% worth to you now? As far as construction-perm goes, some
lenders, such as ourselves, will do another appraisal, and do the new
loan based off the new value, often, this lets you drop the MI right
away. As 99% of loans get sold on the secondary market, it really
doesn't matter if you do both loans at the same firm. Most lenders stay
competitively priced, what you want to look for is one that has in-house
underwriting and a local closing department. Plus, you will find that
commissioned loan officers will work much harder to get your loan
settled in a timely manner than one who is on salary as the salaried
ones get paid if you settle or not, they tend to not give your loan the
attention it deserves.