Are you looking to get a home loan to purchase a property of your choice? Do you need tips on how to negotiate your mortgage like a professional? No need to worry because we got all you need. At Remortgage Fast, we provide professional advice on how to negotiate for home loans and make the best out of the deal. We have a team of well trained experts who are always available to offer you guidance, so that you don’t get shortchanged at the end of any transfer process.
There are people who can easily just pick up the phone and negotiate a good interest rate with a lender. But not every one has such skills. In as much as these negotiations will save them quite a chunk of money, some people are just scared of putting calls like that through. There is this fear that the lender is likely to either cheat them or bring down their hopes. Therefore, we at Remortgage Fast have come up with some techniques to assist you in negotiating your mortgage like a pro.
Wherever you are in Southampton, Portsmouth, Basingstoke, Gosport, Andover, Waterlooville, Aldershot, Farnborough, Fareham/Portchester, Eastleigh, Havant, Winchester, Fleet or Petersfield, you can get the best mortgage deal. With just a little preparation, the following tips will help you can get the best deals you never imagined.
Get Some Knowledge of Mortgaging
How will you feel finding out that your lender offers other borrowers lesser interest rates than what you pay? Won’t you feel bad knowing that you pay more than what other lenders offer their clients? Anyone would. Imagine losing the chance to purchase your dream house because you had no idea of the rates, so you declined the offer and a bidder with a lesser amount bought the property. You may feel unlucky but all you simply needed was knowledge of the interest rates.
Therefore, carry out a market survey to know what other lending institutions offer their clients. Starting out a negotiation without proper understanding of the market will hinder any chance of getting a good deal. You need to have an idea of the kind of discount you need.
Be in Control of the Negotiation
Most people are scared of negotiating with a lender because they are borrowing and they feel they’re at the mercy of the lender. Keep in mind that lenders want to make profits, keep their customers and maintain a credible reputation. This means you have power to control the transaction deal. Besides, lenders also want you to recommend them to friends and colleagues, so they will do all they can to be on your good side. It gives you the power to play your cards authoritatively. But don’t be rude about it.
Since you have the knowledge of what other lenders offer their customers and the market rate, you should boldly state them when negotiating. Tell the lender how you are checking out other options and you only wish to get an interest rate you can easily repay. No matter the direction the negotiation is going, do not be aggressive. Infact, leave room for future transactions in case the current one doesn’t fall through. While on the phone with the lender, commend them for their time, but politely insist on the interest rate you want and they are likely to succumb – seeing how much knowledge you have in the field.
This is like being in control. In this case you’re not just showing you have some knowledge, but you’re also showing how prepared you are to get the loan and purchase your dream home. The good thing about having confidence is that, even when you don’t know so much about the real estate business, you will still have an edge over the lender who will want to work with you because of how “straightforward” you seem to be. However, do not bully them into doing your bidding. It will set a bad record for you. Remember, lenders have an association – so they definitely talk to each other.
Negotiating with the lender means transacting business with a professional. Therefore you need to talk and act like a professional as well. Lenders get calls daily from lots of people who want low interest rates. You shouldn’t expect them to quickly accept your proposal at first instance. Starting off by blowing hot and cold over the phone won’t get you any good deal. You want what’s good for you, the lender also wants the same. Find an angle to make it look like the lender will benefit from your offer.
For example, when asking for a low rate, talk to them about being a loyal customer after the deal and how you will also direct people to use the lender’s services. But make demands that are reasonable and also hear out the lender’s options.
How do you Negotiate with an Adamant Lender?
After putting up a perfect display of negotiation skills, some lenders will remain adamant about the interest rate they want you to pay. Don’t get disappointed in yourself or consider yourself a bad negotiator. Find out their reasons for refusing your proposal. All the times you ever took a loan, did you pay them off on time? Was the rate you proposed unreasonably low? Did you ever default at any point and it created a bad impression on your credit history? Does the lender consider you a risky customer? Have you acted like a bully to some lender somewhere in the past? Answers to these questions will help you determine what to do next.
Afterwards, you can now cross check the interest rates in the market, terms and conditions of the lender you want to use while comparing them to those of other competitors, and then you can make a decision. Would you rather maintain the services of your current lender? Should you even switch to the services of a broker instead? Besides, they are the intermediary you need to assist you in securing the ideal loan to suit your needs. That’s where we at Remortgage Fast step in. Our brokerage services will get you a good lender. Why not fill out the contact forms, and we will get back to you as soon as possible?