Most consumers do not realize just how much money they can save. In fact shaving half percent off the cost of your mortgage can save over $25,000 over the lifetime of the mortgage. Consumers will put a lot of thought into the choice of their home, the decoration, and the landscaping. But when it comes to go negotiating a mortgage and going through the mortgage process they find it very intimidating.
if you have a good to excellent credit rating, can put at least 20% down as a down payment on your home, your chances of negotiating a better interest rate on your mortgage are very high. For example if a borrower accepts a 4.5% interest-rate instead of a 4% interest-rate on an average home the costs approximately 321,000 with a down payment of 20% on a 30 year fixed rate mortgage loan they’re going to pay $212,000 in interest. however if they are able to negotiate a 4% interest-rate they will save over $27,000 over the life of their mortgage.
This is a substantial sum of money that most people really cannot afford to lose however many are doing it every day without even knowing it. Always shop around for a mortgage and always try to negotiate a better rate. The worst that can happen is that it confirms the rate that is being offered to you by your bank and the best that can happen is that you get a better interest-rate saving you thousands of dollars.
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