The housing market remains competitive, and homebuyers hoping to negotiate a lower asking price might risk losing their bid.
Analysts say they should focus more effort on negotiating costs, such as those with mortgage lenders. Major potential savings often come from comparison shopping and negotiating a mortgage rate.
Overall, almost three out of four (72%) prospective buyers haven’t shopped around for a mortgage that best suits their financial situation. Yet borrowers who applied with only two different lenders reduced their mortgage rate by an average of 0.10 percentage point.
And it’s not just the rate itself – mortgage fees can also be negotiated.
Common fees buyers can negotiate with their lender include origination, underwriting and loan-application fees. Most lenders will provide an estimate of fees before submitting an application.
