As a first-time homebuyer, I was offered a 6.75% interest rate from my lender after a buy down using seller credits. I knew I had heard that lenders are sometimes willing to match rates, so I asked if they could match the Navy Federal rate of 6.25%, which didn’t require a buy down. My lender responded in an angry and irritated tone, saying that without a loan estimate they wouldn’t be able to do anything with it, and that they wouldn’t be able to close in time. I was a bit taken aback and wasn’t sure if I should continue trying to negotiate.
I eventually got a loan estimate from Navy Federal and was afraid to ask my lender to match it, but I decided to go for it. To my surprise, they agreed to match the rate. It was a huge difference over the lifetime of the loan, even though it looks small on paper.
This experience taught me that it’s important to speak up when it comes to negotiating with lenders, and not to get bullied. It’s your money and you can take it elsewhere if you don’t feel like you’re getting a fair deal. Whenever I’m in a situation where I’m unsure of how to proceed, I always ask myself: would an offer below asking be a slap in the face? Would negotiating commission with a selling broker be rude? As long as I’m polite and professional, I know I can usually get what I’m looking for.