The time has come to get a mortgage for the new home you are
about to purchase or its time to renew the mortgage you have. Well if it is a
renewal most of you will go to the same lender you have always used and take
whatever it is they offer you and walk away till it comes up again. In either
case please do yourself a huge favour and if you only do one thing ask this
question;
“Is the rate you’re quoting me the lowest I can possibly get, given my
qualifications and preferences?”
What an awesome question! I can only imagine the shock on
most lenders faces when someone has the internal fortitude to stand up for
themselves and ask this one. The stammering that would go on in most office
would be hilarious
If you find that one to confrontational how about this one;
“If I find a lower rate for a similar product elsewhere, will you match
it?”
My guess is that the answer would most likely be "yes" and if
you are quick follow this up with our first question. Our advice would be to never
sign the dotted line unless you have a couple of comparable quotes or know you
have the best deal.
Having said that there is also the relationship question you
need to ask yourself. Will this lender be here for me should I need a favour
down the road? May be times are difficult and you need to skip a payment or two
or you need to change the agreement because something significant has happened
in your life like the loss of a spouse. How will this lender behave if all you
have done is beat them up at every possible opportunity?
There is always lots to consider but go in prepared and know
what it is you need. More good questions to come, stay tuned or like and follow Oakhill
Realty on facebook.
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