Homebuyers Can Cut 6.4% Mortgages by Shopping 3 Lenders and Negotiating Fees

4 articles · Updated · CBS New York · May 15

Mortgage borrowers facing average rates just under 6.4% can often negotiate both interest rates and lender fees instead of accepting the first quote.
Competing offers are the main leverage point: a borrower quoted 6.875% by one lender and 6.625% by another can ask the first lender to match or beat the lower rate.
At least three loan estimates—from big banks, regional lenders, credit unions and brokers—can expose pricing gaps, while relationship discounts may lower costs further.
Strong credit, stable income and larger down payments give borrowers more bargaining power, and even small rate cuts can save hundreds of dollars a month in a still-strained housing market.

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