Can points on a mortgage be negotiated?

KarenB Posted: Sep 13, 2004 02:30 PM

Can points on a mortgage be negotiated?

I am wondering if points on a mortgage can be negotiated, anyone ever do this.

Thanks.

Karen

DjPiLL Posted: Sep 13, 2004 02:43 PM

Re: Can points on a mortgage be negotiated?

I have never heard of this.

But its also not a wise move to ever pay points on a mortgage unless you plan on staying there for the full 30 years.

If you plan on moving within 5-10 years its not a cost effective decision. Paying negative points to eliminate your closing costs is usually a better move.

KarenB Posted: Sep 13, 2004 02:49 PM

Re: Can points on a mortgage be negotiated?

What are negative points? How do they work?

LisaT Posted: Sep 13, 2004 02:51 PM

Re: Can points on a mortgage be negotiated?

YES they can.

For good credit, many banks/mortgage brokers will meet or beat other rates to get your business. We did it.

Definitely give it a try - particularly if you're going through a broker rather than directly through the bank.

(this isn't the same as 'buying' points, rather just getting a better deal)