this post was submitted on 17 Sep 2023
18 points (100.0% liked)

Aotearoa / New Zealand

1656 readers
36 users here now

Kia ora and welcome to !newzealand, a place to share and discuss anything about Aotearoa in general

Rules:

FAQ ~ NZ Community List ~ Join Matrix chatroom

 

Banner image by Bernard Spragg

Got an idea for next month's banner?

founded 1 year ago
MODERATORS
Dave
RaoulDuke
18
Negotiating mortgage rates (self.newzealand)
submitted 1 year ago by haydng to c/newzealand
3 comments fedilink hide all child comments
 

Once upon a time, I seem to remember some folks managing to negotiate better rates than carded.

Is this still a thing?

If so, how do you go about doing it?

you are viewing a single comment's thread
view the rest of the comments
[–] Anticorp@lemmy.ml 2 points 1 year ago

Get another quote from a different broker. You'll be shocked at how fast the rates go down.

You can also buy down points. Basically the broker is going to make their money off markup. They get a percentage for every percentage they bump you. You can then buy those down. That means you pay several thousand dollars to lower the rate. It can be tens of thousands depending on the buy down and the cost of the house. But do the math and it can equate to hundreds of thousands over the life of the loan. If you're not planning on staying there for 30 years then do the math against how long you think you'll be there.