Comments on: How to Save Money Buying a House- Part 2 http://www.thickenmywallet.com/blog/wp/2007/10/03/how-to-save-money-buying-a-house-part-2/ Everything to do with thickening your wallet by entrepreneur turned President of an Investment Company Sun, 14 Mar 2010 13:48:52 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Dollar Drain http://www.thickenmywallet.com/blog/wp/2007/10/03/how-to-save-money-buying-a-house-part-2/comment-page-1/#comment-2007 Dollar Drain Thu, 18 Oct 2007 00:48:48 +0000 http://www.thickenmywallet.com/blog/wp/2007/10/03/how-to-save-money-buying-a-house-part-2/#comment-2007 Cool post on How to Save Money Buying a House- Part 2! Cool post on How to Save Money Buying a House- Part 2!

]]> By: Save Money! » How to Save Money Buying a House- Part 2 http://www.thickenmywallet.com/blog/wp/2007/10/03/how-to-save-money-buying-a-house-part-2/comment-page-1/#comment-1948 Save Money! » How to Save Money Buying a House- Part 2 Mon, 15 Oct 2007 02:48:28 +0000 http://www.thickenmywallet.com/blog/wp/2007/10/03/how-to-save-money-buying-a-house-part-2/#comment-1948 [...] Craig Childs wrote an interesting post today onHere’s a quick excerptI am pleased to have our guest blogger, New Home Buyer, write on the 2nd of 3 parts on How to Save Money Buying a House. Enjoy! Last week I wrote about saving money on a new house by negotiating with your developer. … [...] [...] Craig Childs wrote an interesting post today onHere’s a quick excerptI am pleased to have our guest blogger, New Home Buyer, write on the 2nd of 3 parts on How to Save Money Buying a House. Enjoy! Last week I wrote about saving money on a new house by negotiating with your developer. … [...]

]]> By: Traciatim http://www.thickenmywallet.com/blog/wp/2007/10/03/how-to-save-money-buying-a-house-part-2/comment-page-1/#comment-1708 Traciatim Wed, 03 Oct 2007 18:30:06 +0000 http://www.thickenmywallet.com/blog/wp/2007/10/03/how-to-save-money-buying-a-house-part-2/#comment-1708 This just recently happened to a friend of mine who is currently buying a home. He went to his bank and in their initial discussion he talked to be and they were saying that their rate would be somewhere near 6.75% - 7%. I gave him some links to a few places offering far lower and showed him a similar chart of the savings so he asked the next time he went in, now they have 5.5%. I think the bank tried to cover it up, but they explained they do the original quote to make sure people can afford it in case interest rates go up. I think they just try to bend people over the table who don't ask. This just recently happened to a friend of mine who is currently buying a home. He went to his bank and in their initial discussion he talked to be and they were saying that their rate would be somewhere near 6.75% – 7%. I gave him some links to a few places offering far lower and showed him a similar chart of the savings so he asked the next time he went in, now they have 5.5%.

I think the bank tried to cover it up, but they explained they do the original quote to make sure people can afford it in case interest rates go up. I think they just try to bend people over the table who don’t ask.

]]> By: admin http://www.thickenmywallet.com/blog/wp/2007/10/03/how-to-save-money-buying-a-house-part-2/comment-page-1/#comment-1706 admin Wed, 03 Oct 2007 17:21:24 +0000 http://www.thickenmywallet.com/blog/wp/2007/10/03/how-to-save-money-buying-a-house-part-2/#comment-1706 Does anyone work for a bank? Can someone explain to me why banks would rather pay mortgage brokers to find clients and/or offer better than posted rates rather than give a long standing client a preferred rate? Does anyone work for a bank? Can someone explain to me why banks would rather pay mortgage brokers to find clients and/or offer better than posted rates rather than give a long standing client a preferred rate?

]]> By: FourPillars http://www.thickenmywallet.com/blog/wp/2007/10/03/how-to-save-money-buying-a-house-part-2/comment-page-1/#comment-1702 FourPillars Wed, 03 Oct 2007 15:12:06 +0000 http://www.thickenmywallet.com/blog/wp/2007/10/03/how-to-save-money-buying-a-house-part-2/#comment-1702 <i>why they don’t automatically give me the best rate is a topic for another day.</i> You answered your own question when you said you still got the mortgage with your bank after they matched. Even though they tried to screw you on the rate and made you take the time to get a better rate elsewhere you still gave them your business. I've done the same thing in the past because of the convenience, but this year I took a hard line - I went and got a mortgage that was 30 basis points less than what my bank offered and then I got the new mortgage with the new company without giving my bank a chance to match. Mike why they don’t automatically give me the best rate is a topic for another day.

You answered your own question when you said you still got the mortgage with your bank after they matched. Even though they tried to screw you on the rate and made you take the time to get a better rate elsewhere you still gave them your business.

I’ve done the same thing in the past because of the convenience, but this year I took a hard line – I went and got a mortgage that was 30 basis points less than what my bank offered and then I got the new mortgage with the new company without giving my bank a chance to match.

Mike

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