When it comes to managing your mortgage, negotiating your interest rate can lead to significant savings over the life of your loan. There are various ways to approach interest rate negotiations to ensure you are not paying more than you need to.

‍

Ways to Negotiate Your Interest Rate ‍

Approach your Bank Directly

One way you are able to negotiate your interest rate is dealing directly with your bank. Many lenders are willing to lower your rate if you are able to demonstrate that you can get a better offer at another lender, or if you have been a loyal customer. This approach requires time and effort.

Use Your Mortgage Broker as The Negotiator  

Alternatively, your mortgage broker can assist with the negotiation process. Your brokers have experience working with banks, and they know how to navigate this process. They have the ability to present your case to the bank, and their knowledge and industry connections with lenders are beneficial in the process.

‍

Let Your Mortgage Broker Negotiate On Your Behalf 

A more hands-off approach is to let your broker handle the negotiation for you. Here at The Newstead Group, your brokers can proactively negotiate your interest rate on your behalf. Depending on what bank you are with, your broker will reprice your loan in the background in the lender provides us with the opportunity to do so. This saves you time and stress, allowing you to focus on the more important things in life.

‍