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Is it possible to negotiate the interest rate on a refi? DH and I are looking to refi our 5/1 ARM into a 20 or 30 year-fixed soon and am wondering if we have any negotiating power at all. Are we stuck with what the bank tell us the rate is?
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It may be worth while to shop around first and see what other banks will offer. At least this will give you more muscle in your negotiating.
Can you get interest rate's with out having your credit pulled at each bank? -
You probably don't have much negotiating power with a single lender. What you do have is the ability to go elsewhere. Shop around online and in your local paper. Find the best rate and terms. You can always ask one lender to match another's offer, but if they won't, just go with the better rate.Originally posted by geojen View Post
Also, ask if there is anything you can do to qualify for a discount. Many banks will shave a quarter point off the rate if you sign up for automatic payments from a linked account with that bank.Steve
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