Fighting for a fixed rate.
Great Lakes, IL
A First, I want to commend you for not accepting the adjustable rate mortgage the lender tried to force on you--you should never agree to loan terms that do not suit your needs.
You should always be prepared to negotiate for the rate you want, which means using competition to your advantage. This will require you to aggressively shop around for a mortgage rate you can live with, Remember, fixed rate mortgages will carry higher interest rates than adjustable rate mortgages.
If your bank can't give you a satisfactory rate, turn to the Internet. Check Bankrate.com (www.bankrate.com) to find the average loan rates in your part of the country. Then visit online mortgage lenders such as Lending Tree (www.lendingtree.com) and E-loan (www.eloan.com), which offer competitive rates on mortgages. You can then challenge other lenders to beat the Website offers. Defer any credit checks until you find an offer you like because multiple credit checks from Website lending partners will hurt your credit rating.
Mail your money management questions to Ask Money Matters, BLACK ENTERPRISE, 130 Fifth Ave., New York, NY 10011 or send an e-mail to email@example.com.
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|Title Annotation:||Money Matters|
|Author:||Scott, Matthew S.|
|Article Type:||Brief Article|
|Date:||Apr 1, 2005|
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