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Shopping my rate

May 4th, 2017 at 08:24 am

I spent yesterday shopping around for the best deal and rate. So what did I end up with and how? Well my agent said we could shop the rate but had to the use the lender she suggested because the seller's would feel betrayed. They had talked to our lender and asked questions. But at the end of the day I said no way. I said if he can't match the deal we're moving on.

I got from Capital One no fees everything waived from their end. Also $1300 towards 3rd party fees like title insurance, appraisal, deed, sales tax, etc. Finally $500 for having a checking/savings account. Of course the rate we locked was 3% for 7/1 Arm. Very solid deal.

Chase initially offered me $995 in fees, 3.25% 7/1 Arm. Of course I said no go too much in fees around $2800 which is a lot of money and .25% which on our loan was around $125/month. Over the life of the loan that's substantial since it's $1500/year. No go. I would have walked over the interest rate a loan but to add in $2800 in fees I wasn't about to tolerate it and the seller's could try to get out of our contract.

Chase agreed to all terms and matched it. They agreed to 3%, $0 fees, and $1300 towards 3rd party fees. I also got $595 for having a checking with them, I now need to open one to get that final bonus. So I got what I wanted.

Don't let people push you around. Further my DH has/had no idea. Everyone who thinks women are the ones who are dependent are crazy. Even my realtor called me a shark and said it's really unusual for a stay at home mom to do the financials. Really? If anything I almost think a stay at home should be more involved because we have the time to do it.

Next up? Getting our home insurance in place. Deciding how to approach our landlord to get out of our lease early by a month. If not we'll eat the cost.

4 Responses to “Shopping my rate”

  1. AnotherReader Says:

    Your agent is not acting in your best interest. You can use any lender, unless the lender was specified in the contract, which is highly unlikely. You were just preapproved by her lender with no commitment. She wants you to use her lender because she trusts that lender to close on time and as promised. Your rate and terms are not important to her.

  2. snafu Says:

    I see it as prudent to shop for terms, condition and mortgage rates. SharK? not in my book...value for DH's hard earned money sounds like what wives do! Great job, well done!

  3. Carol Says:

    I second what snafu said. If course you have to shop rates and terms -- I wish I were as good at it as you are.

  4. kashi Says:

    Great job! And thanks - I'm so happy I read this now, so I can work on my negotiating skills now!

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