One big way to save is to compare different mortgage packages over several lenders. You can choose credit unions, banks or private mortgage brokers. Also, since rates fluctuate, it's a good idea to check the rates daily if you can.
Negotiation will be your biggest ally. Make sure your lenders include all the costs required for the second mortgage, then use these costs to negotiate. You may be able to get them to take off some of the fees or give you a lower rate if you ask. Once you have negotiated and agreed to all the terms make sure you get this in writing.
Knowing what your rights are is a huge help as well. Remember that lenders are not allowed by law to discriminate on race, sex, age, religion, etc. |
