How Bargaining Can Get You a Better Remortgage Deal
Getting a good remortgage deal is going to be difficult, and no one is ever going to dispute this fact with you. However, if you want to get the best remortgage deal possible, you are going to have to learn the art of negotiation. Here are some tips on how to negotiate a better remortgage deal and save a lot of money on your housing costs.
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.
Look at your offers. Now that you have seen several different banks, found out what their best deals are and tried to talk them down a bit more, you are going to want to show them what you got from the other banks. Use the other banks quotes to see if you can drive the fees or interest rate down even more. You may find that they will match the best bank's offer and throw in something extra to beat it. Banks are going to want your business, especially if you have good credit.
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.
Getting a good remortgage deal is really difficult to do if you aren't prepared to do research and talk to several banks. If you are not up to it, why not have your spouse do it to save you money? By choosing someone who is going to be able to talk to banks and use the power of negotiation, you are going to get a better remortgage deal.
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.
Look at your offers. Now that you have seen several different banks, found out what their best deals are and tried to talk them down a bit more, you are going to want to show them what you got from the other banks. Use the other banks quotes to see if you can drive the fees or interest rate down even more. You may find that they will match the best bank's offer and throw in something extra to beat it. Banks are going to want your business, especially if you have good credit.
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.
Getting a good remortgage deal is really difficult to do if you aren't prepared to do research and talk to several banks. If you are not up to it, why not have your spouse do it to save you money? By choosing someone who is going to be able to talk to banks and use the power of negotiation, you are going to get a better remortgage deal.
posted by Credit Counseling at
3:24 PM
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