Do you you will be able to negotiate with Mortgage companies like you can with credit card banks?

Question

Suppose you have steller credit and want to re-negotiate your mortgage rate like you can essentialy do with a credit card, do you think big Mortgage lenders (Countrywide) will listen without having to do pay refinance fees.

Answer 1

Likely not but you've lost nothing by trying.

Answer 2

I did it on one of my properties in 2005 that had been originally financed in 1998. Interest rates fell to all time lows, I called the bank and said if they didn't drop the rate I was going to refi and they'd loose the business. The bank agreed during the phone call and my rate was dropped 2.5 points. No new applications, etc... I don't even think I was charged a dime. If so it was a very nominal fee to cover postage of the new loan docs.

A reputable bank being run by sensible people shouldn't blow you off. However, some of the big guys have a bunch of clerks working by the script and don't always use common sense when negotiating with stellar customers.

Try to break through the gate keepers and get to someone in a position of authority because I'm certain the stock holders don't want to loose the customers that are paying.

Answer 3

No; unless you're nearing foreclosure (with Countrywide) and now they're changing things to prevent banks from forgiving debt.

There are mortgage brokers in my area who are advertising no closing costs; they're going to rebate the client at close. The market is slowing so much that it's an option. They get paid by the lender.

See if anyone is offering anything similar in your area.

Answer 4

They don't ever consider such requests. You signed for a specified interest rate for the life of the mortgage, and you will be held to whatever you signed.

Answer 5

I do not know anything about the reputation of the company nor do i work for them, but I have heard Lennox, or lenox, Financial commercials on the radio...no closing costs, no brainer or something like that...try their website...