Quote:
Originally Posted by blankall
Those are posted rates. The banks will almost always deviate from those and provide you with a 5 year fixed at a 4 year rate if you bargain.
Another thing that baffles me is that people are unaware you can haggle on mortgage rates. I've had to tell at least 4 people (all professional types with decent financial knowledge) to do so, and they all saved .5-1% on their rates doing so. It's a pretty easy process, you just bring in a quote from somewhere else offering a better rate, and they'll typically beat it.
The other alternative is to use a broker, which depending on your relationship with the bank, may or may not put you ahead.
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This!
Its insane how many people I know who have signed multi million dollar mortgages and didn't even bother to haggle on the rate, or shop around.
Why do people think banks are not in it to extract as much money from you as possible? Shop around for a car, haggle about the price, and go from dealership to dealership looking for the best price. Buy a house, sign with the first lender without asking questions. Crazy.