Real Estate

negotiating mortgage rate vs broker

  • Last Updated:
  • Feb 17th, 2020 10:40 am
[OP]
Newbie
Nov 20, 2007
95 posts
30 upvotes
Toronto

negotiating mortgage rate vs broker

Wondering if anyone can comment on their experiences negotiating a rate directly themselves versus using a mortgage broker. When we bought our house 5 years ago I used a mortgage broker and our renewal is coming up. Is it possible to get a better rate by working directly with the lenders?

Second question, can you also negotiate with a mortgage broker - i.e. ask them to buy down their rate further? This never occurred to me last time but maybe its worth considering.

Thanks,
2 replies
Newbie
Apr 11, 2017
93 posts
168 upvotes
I’ve been been dealing with the same broker for 20 years and had 5 mortgages with him, yes they can essentially buy down the rate, there was at least two times that he has done this for me. I think he got it down 20 points the last time
Deal Fanatic
Mar 27, 2004
7976 posts
5993 upvotes
Toronto
Once you start working with a broker vs a bank, you will see there are differences.
Full-time Realtor

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