How did mortgage HAPPEN so quickly?
September 19, 2008 7:36 AM Subscribe
How late is too late to negotiate with mortgage broker for fees? And how can I track mortgage interest rates to get a better rate before closing?
posted by Amizu to home & garden (5 answers total)
I'm in the process of buying a home (I hope!). I shopped around for mortgages and about Sept 4, I found one with a great rate (5.875) that was otherwise better than any of the other packages offered to me by other mortgage brokers, my credit union, found online, etc. I locked in that rate, and one thing seemed to lead to another, and now my mortgage broker has done all kinds of work for this mortgage (appraisal, gotten title company researching the title, processed our paperwork), etc. I have the GFE. But nowhere in there did I have a conversation with her about which fees might be negotiable, and I'm feeling like an idiot.
She also says if rates go down between now and closing (mid-Oct), she'll give us the better rate.
She is really nice, has a good reputation, and is a friend of a friend.
I'm in DC.
So the questions are:
(1) How late is too late to keep shopping for a better deal and go back to this mortgage broker and ask her to lower her fees?
(2) Mortgage rates seem incredibly varied by location and personal finance details. Is there any way for me to track mortgage rates and figure out when mortgage rates go lower than they were when she gave us the 5.875 rate so that I can proactively approach her and ask for a lower rate? (I have been to bankrate but it seems very general.)
(3) Any special tips about home buying in DC would be appreciated as well.