A coach for the week you shop for a mortgage
Day 3: use the competing offer
Coach's call
Send your preferred lender the competing Loan Estimate and ask whether it can match or beat the lender's own charges or the rate at the same points. Lenders control their origination charges and pricing, not government fees or most third-party costs, so focus your request there.
Last reviewed against the primary sources listed below.
What to ask
- Can you reduce section A?
- Can you match this rate at the same points and lock?
- Can you offer a lender credit toward closing costs?
Keep it honest
Share real estimates only, and compare revised offers on the same terms.
Shoppers ask the coach
Can you negotiate mortgage closing costs?
Lender charges in section A are often negotiable, especially with a competing estimate. Government fees are not.
What should you not tell a mortgage lender?
Never misstate income, debts or occupancy. You do not need to commit before you have compared offers.