Negotiating to Get the Best Interest Rate
Video Library
The key to shopping for a loan is negotiating the best interest rate possible.
Take a look at our special video, which walks you through the process, or contact a LendingTree loan
specialist anytime at 1-800-555-TREE. Here's how to get the most from your negotiation:
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Gather Information
Talk to prospective lenders about their offers. For a list of questions to ask, download our FREE Guide to Mortgages(PDF).
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Compare Offers
Get specific details, particularly the Annual Percentage Rate (APR), which reflects the loan’s true cost.
Read more: “Interest rate vs. APR” and “20 questions to ask before you pick a loan”.
Request a Good Faith Estimate (GFE) from lenders. This document provides an estimate of all fees and closing costs associated with your loan. Read more: “The Good Faith Estimate.”
Use our Loan Comparison calculator to compare rates, terms, and payments.
Review the Lender Scorecard, which ranks lenders based on feedback from other LendingTree customers.
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Negotiate Terms
Ask lenders what they will do to win your business. Some may offer you a lower interest rate or reduced closing costs.
Read more:“Negotiating a better mortgage rate”.
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Choose Your Loan
After comparing loan options, it’s time to choose the one that fits your needs. Once you’ve decided, call the lender about locking your interest rate, so the rate won’t change before closing.
Read more: “Mortgage lock-ins.”
Remember, LendingTree loan specialists are available 24/7 to help you. Call 1-800-555-TREE.