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Advice for a successful mortgage negotiation

There are a lot of Texas residents who are struggling to fully pay their mortgage payments. Some of these individuals are living paycheck-to-paycheck and they're on the line of not being able to meet their monthly obligations. In order to avoid a situation like this, you might want to negotiate the terms of your mortgage very carefully so you get the best deal possible.

Here are few tips to keep in mind when trying to negotiate a deal like this with your mortgage company:

Get a copy of your credit report before you apply for a mortgage: When you can evaluate your FICO score, or your credit score, you can evaluate whether or not mortgage lenders will view you as a favorable person to whom they'd like to give a better lending deal. Having a copy of your FICO score before you apply for a loan allows you to evaluate whether credit score improving strategies are a good idea before you apply for your home home loan.

Review the closing costs: Closing costs will include lender or broker fees, third party agencies and fees from the government, and any other costs that you'll want to factor into the total cost of the home before finalizing the deal.

Prepaid interest and origination fees: Origination fees relate to the fees of the lender. These are tax-deductible, but you don't want to forget to count them in your final calculations. If you're planning to hold your home for a considerable period, you may not need to pay prepaid interest up front. But if you plan on living in the home a short time, then prepaid interest might not be a good idea.

Research current mortgage rates: By researching current mortgage rates you can gauge the market and whether or not you're being offered a good deal.

Understanding Texas real estate law will also be an invaluable asset to your real estate purchase process. As such, Texas residents may want to consider all of their options in terms of how to buy a new home property.

Source: Bankrate, "4 secrets to successful mortgage negotiations," Dorothy Rosen, accessed Jan. 26, 2018

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