Talking Your Way to a Better Remortgage
It is undisputable that finding a good remortgage deal for your house is going to be a difficult task to do. Finding a good deal is probably going to include you bargaining your way into it. If your goal is to get the best deal possible, you are going to have to plan on following these tips and bargaining to get the best mortgage possible
Find out what your current situation is. It is important to find out what your current mortgage's interest rate is and how much of each dollar that you send in is currently going towards the principal of the loan. If you don't have your loan stubs handy, you can check the Internet for a calculator that will figure out the numbers for you. When you see how much of your payment is going towards the interest and not towards your loan you are going to want to learn how to bargain.
Next, you're going to want to meet with a couple of banks. When you're looking at remortgaging your house, you're going to want to think of the first bank that you meet with as a practice bank. Use this bank to test the waters and see exactly how much you're going to be able to negotiate. You don't want to use the best bank as your first bank. Remember, you are practicing and using this opportunity to do a bit of research, and hopefully you're going to be able to negotiate better with the future banks that you talk to.
Compare banks. When you are finished talking to banks and bargaining to get the best deal possible, you are going to want to go back and tell them exactly what the other banks are offering you. By using better quotes against a bank, you are going to get them to lower the interest rate or fees even more if they want your business. A good bank is going to match the best bank and may even give you a special gift or lower interest rate. Banks are going to fight for your business if you have a good credit history and pay your mortgage on time.
Put on your game face. After going to a remortgage appointment, the loan officer will often call you to try to convince you to choose their bank. Tell them that you are still looking into other banks and watch the interest rate drop even more. The first time they call they might offer you a slightly better deal. By the time they have called three or four times you know that they have given you the best deal that they are going to offer. Put on your game face and get a better deal than you originally bargained for.
If you aren't prepared to do the research needed and talk to several banks than you aren't going to get the best remortgage deal out there. If you don't want to do it, ask your husband or wife to do this work for you. By talking to banks and convincing them to give you a better remortgage deal, you are going to save tons of money.
Find out what your current situation is. It is important to find out what your current mortgage's interest rate is and how much of each dollar that you send in is currently going towards the principal of the loan. If you don't have your loan stubs handy, you can check the Internet for a calculator that will figure out the numbers for you. When you see how much of your payment is going towards the interest and not towards your loan you are going to want to learn how to bargain.
Next, you're going to want to meet with a couple of banks. When you're looking at remortgaging your house, you're going to want to think of the first bank that you meet with as a practice bank. Use this bank to test the waters and see exactly how much you're going to be able to negotiate. You don't want to use the best bank as your first bank. Remember, you are practicing and using this opportunity to do a bit of research, and hopefully you're going to be able to negotiate better with the future banks that you talk to.
Compare banks. When you are finished talking to banks and bargaining to get the best deal possible, you are going to want to go back and tell them exactly what the other banks are offering you. By using better quotes against a bank, you are going to get them to lower the interest rate or fees even more if they want your business. A good bank is going to match the best bank and may even give you a special gift or lower interest rate. Banks are going to fight for your business if you have a good credit history and pay your mortgage on time.
Put on your game face. After going to a remortgage appointment, the loan officer will often call you to try to convince you to choose their bank. Tell them that you are still looking into other banks and watch the interest rate drop even more. The first time they call they might offer you a slightly better deal. By the time they have called three or four times you know that they have given you the best deal that they are going to offer. Put on your game face and get a better deal than you originally bargained for.
If you aren't prepared to do the research needed and talk to several banks than you aren't going to get the best remortgage deal out there. If you don't want to do it, ask your husband or wife to do this work for you. By talking to banks and convincing them to give you a better remortgage deal, you are going to save tons of money.
posted by Credit Counseling at
3:11 PM
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