“What I Learned from Almost Buying a House”by Tim Manni
Freemoneyfinance.com has a very informative and enlightening post that details the author’s experience when he almost bought a house — the deal never went through. The post reveals how the author locked in on the lowest possible rate, negotiated his closing costs, and received a discount on his homeowner’s insurance:
We got a very low mortgage rate by pitting two different lenders against each other (one a bank and one a mortgage broker). I knew both guys and was upfront with them throughout our process that we would 1. give them both an option to bid on the mortgage and 2. select the lowest bidder. I went back and forth a couple times — with them lowering rates (initially) then closing costs and other criteria (like them escrowing for taxes — something I didn’t want) — before one cried “uncle.”
This is a great piece for any homebuyer, especially a first-time homebuyer, interested in pursuing a home in today’s difficult market.
Be sure to visit HSH.com and click on your state to find competing mortgage lenders in your area. Also, click on the “Articles and Information” tab at the top of our website and search “closing costs” for a list of articles like this that explain “25 Steps to a Penny Pinching Closing.”