by mary hodder
Question by Rajagopal N: What are the negotiating terms/drivers for a 40 year fixed rate home mortgage refinancing deal?
I’m looking to obtain the best deal possible, so help me with the hidden quirks on this of type of transaction.
Answer by Yanswersmonitorsarenazis
There shouldn’t be any hidden quirks. If that’s the product you think you want, it should be relatively simple to get a few good-faith estimates from a couple different banks and brokers.
Getting them all on the same day will help you know who is lowest, regardless of daily rate changes.
Compare rates and fees, and do make sure you have confidence in the person you choose, but this is the only way to get your best deal. Start shopping. Ask for referrals from people you know for loan officers they’ve used in the past.
Know better? Leave your own answer in the comments!