When you’re buying a condo in DTLA, you can – and should – shop around for the best possible mortgage rates. But can you really negotiate with a lender?
Negotiating Lower Mortgage Rates
For most people, buying a condo involves getting a mortgage loan. Like any large purchase, you should shop around so you get the right product for your needs. Most experts suggest talking to at least three lenders, but you can talk to more if you have the energy for it!
Start by asking about interest rates, but bear in mind that the higher your credit score is, the more favorable rates you’ll qualify for. Take the lowest rate a lender quotes you and tell the other two lenders about it – and then ask them if they can beat it. If they do, that’s great – and then you can take that quote to the lender who gave you the lowest rate to start with. (Remember, even a very small percentage makes a huge difference over a 30-year loan term!)
Are You Buying a Condo in LA?
If you’re thinking about buying a condo in Los Angeles or a nearby community, call us at 213-254-7626 or contact us online.
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