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Negotiate Interest Rate

Posted on: 12th Jan, 2010 12:25 pm
We purchased a home a few months ago. The developer was giving us lots of cash and incentives if we used their mortgage company, so of course, we agreed to do so.

We're about 3 months away from closing. Do you think I can negotiate my interest rate with them?
nothing ventured, nothing gained.
Posted on: 12th Jan, 2010 12:37 pm
These people need to sell their homes pretty badly. You have alot going for you in today's market and therefore I would highly recommend attempting to see if you can get a better interest rate before closing.
Posted on: 13th Jan, 2010 04:43 am
Do I have room to negotiate though? I agree that I never know until I actually try it, but I don't really want to come across as a fool (not that it matters).

I've already given the builder 10% (though it's sitting in an attorney escrow account at my request), and we do have an agreement that I'd use their mortgage company.

At what angles can I come from? I'm a member of a credit union who has always given me great rates. Should I reach out to them, see what rate I can get from them, and then use that against the mortgage company?
Posted on: 13th Jan, 2010 08:38 am
you could do that - not convinced that it would make much difference with the builder though.
Posted on: 13th Jan, 2010 01:58 pm
Yeah, that's what I'm hesitant about... don't think I have any chips on my side to really negotiate
Posted on: 14th Jan, 2010 11:05 am
no hesitation needed - all that can happen if you ask is the builder says "sorry, charlie."
Posted on: 14th Jan, 2010 01:16 pm
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