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Wednesday, January 14, 2009

Talking Your Way to a Better Remortgage

By Neal Dawes

Getting a good remortgage deal is going to be difficult, and no one is ever going to dispute this fact with you. However, if you want to get the best remortgage deal possible, you are going to have to learn the art of negotiation. Here are some tips on how to negotiate a better remortgage deal and save a lot of money on your housing costs.

Investigate your current situation. You need to know exactly what your current rate of interest is and how much you are paying on your principal and how much you're paying in interest every month. This should be pretty easy to figure out, but if you're unsure, there are a lot of calculators on the web that can help to figure out how much you're spending and how much your mortgage is actually costing you. Once you figure out how much you are actually paying in interest, you're going to realize how important it is to get good at negotiating.

You are going to have to set up appointments with some banks. Use the first bank as a practice bank and try out different strategies to getting a great deal on remortgaging. This bank should also tell you how much you are going to be able to negotiate with the future banks. Don't use the most promising bank as your test bank. The purpose of doing this is to see what you can talk your way into and what banks will say to your style of negotiating.

Compare offers. Now that you have talked to a couple of banks and have found out how much they are willing to negotiate and how much you can get from them, you are going to want to go back to the banks and tell them what you found out. You want to use their quotes against each other and see if they can come down even farther. You may find that you can get them to match a bank's offer or throw in something extra if you go with them. Banks and mortgage companies really want your business, and when times are economically tough and you have good credit you are able to bargain a lot more.

Don't be too eager. After a meeting with a loan officer, he will usually follow up on the telephone to pressure you into choosing his bank. By telling them that you are still meeting with other banks, you are going to see whether or not he offered you the best deal possible. They will call you several times and each time that they call, the deal is going to get better and better. Don't be too eager and you are going to see exactly what they have to offer.

If you don't plan on bargaining, you are probably losing out on the chance to get a better remortgage deal. If you aren't going to do it yourself, ask someone else in your family to do it for you. Bargaining and talking with banks is going to be the best way to get the lowest remortgage deal out there.

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