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November 6th, 2008

“What I Learned from Almost Buying a House”



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.”

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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