Make Lenders Compete for your Home Refinance Business
If you have good FICO® scores, lenders want your business. They will
also be more willing to make their offers appealing so you’ll buy from them. Allow
lenders to compete for your business by showing them their competitor’s offers.
If you like a lender but his offer is missing something you saw in another offer, tell him.
In most cases, the lender will be willing to work with you – especially in areas that
other lenders are already offering you.
Make a list of the features you must have in each loan offer. For example, if you know
you’re going to refinance in a few years, make sure there is no prepayment penalty.
Using your must have list, call each lender and see how they are willing to address each
point. If one lender has an appealing approach, show it to the other lenders. Go through
your list with the lenders until you’re confident each lender is providing you with
their best offer.