It's nice to beat the banks at their own game regarding interest rates

So I was floating at around 5.00% last week waiting to apply for my mortgage. With a job market report coming out last Friday, I didn't want to chance the rates going up so I applied for my mortgage with my out of state credit union and locked in at 5.00% with 0 points, with a 90 day rate lock this past Thursday.

Rate stayed at 5.00% on Friday even though the job market report on friday was real bad (lots of unemployment). Rates didn't go down that day, but today it dropped to 4.875%.

So I called them up asking them to lower the rate or else i'd cancel the application since I was only two days in. At first they wanted to charge me .625 points (like around $2000) to lower the rate and I told them no way and i'll take my potential 300k worth of mortgage interest elsewhere.

The loan officer spoke to her manager and negotated the fee down to a measley .153 points (or about $500 dollars). I'll pay that fee every day and twice on Sundays.

Lowered my rate to 4.875% fixed for 30 years. Locked in till Feb. 7th. And that $500 is tax deductable too.

Message edited 11/9/2009 3:15:13 PM.

Re: It's nice to beat the banks at their own game regarding interest rates

great job!

Re: It's nice to beat the banks at their own game regarding interest rates

Wow! Great work, being so assertive. You got such a good deal!

Re: It's nice to beat the banks at their own game regarding interest rates

awesome!!!!!!