# negotiating mortgage rates **URL:** \ **Category:** Factual Questions\ **Created:** [July 11, 2009, 3:24pm UTC](https://boards.straightdope.com/t/negotiating-mortgage-rates/502682 "2009-07-11T15:24:28Z")\ **Posts on this page:** 6\ **Page:** 1
**Author:** ![crypto](https://avatars.discourse-cdn.com/v4/letter/c/b3f665/32.png) [@crypto](https://boards.straightdope.com/u/crypto)\ **Post date:** [July 11, 2009, 3:24pm UTC](https://boards.straightdope.com/t/negotiating-mortgage-rates/502682/1 "2009-07-11T15:24:28Z")
How much flexibility does a bank have in lowering their 30-yr fixed mortgage rate? If my credit scores are through the roof, I’ve been wondering in this economy if I can use that as leverage in negotiating a deal for a better rate than the bank advertises… I know they raise rates on questionable loans and bad credit scores, but do they ever come down if they want you as a customer? Given that the Fed is basically giving the money away for free, I can’t see why a half a percentage point would make the bank say no, especially if they are virtually guaranteed the money would be paid back in full. Does anyone out there know how a bank or savings and loan would handle a situation like this? Thanks ---
**Author:** ![Shagnasty](https://avatars.discourse-cdn.com/v4/letter/s/9dc877/32.png) [@Shagnasty](https://boards.straightdope.com/u/Shagnasty)\ **Post date:** [July 11, 2009, 3:36pm UTC](https://boards.straightdope.com/t/negotiating-mortgage-rates/502682/2 "2009-07-11T15:36:24Z")
I have never heard of anyone just calling up and renegotiating mortgage terms at least with a big bank. The standard procedure is to refinance with the bank but that may be hard to do in this economy no matter what and it may require a few thousand dollars in upfront cash. Lots of people refinance over the course of their mortgage, many multiple times when interest rates come down. ---
**Author:** ![Tim\_R.Mortiss](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/tim_r.mortiss/32/142_2.png) [@Tim\_R.Mortiss](https://boards.straightdope.com/u/Tim_R.Mortiss)\ **Post date:** [July 11, 2009, 3:53pm UTC](https://boards.straightdope.com/t/negotiating-mortgage-rates/502682/3 "2009-07-11T15:53:30Z")
If you are talking about reducing an interest rate on an existing mortgage, that would probably be tough. I’ve never heard of it happening, but who knows? If you are talking about negotiating the rate on a new mortgage, that might be possible. But the standard way of “negotiating” is with the market itself rather than the individual banks: i.e., shop around. [Bankrate.com](http://Bankrate.com) is a good place to start. Rates offered vary more than one would expect. Good luck!..TRM ---
**Author:** ![gonzomax](https://avatars.discourse-cdn.com/v4/letter/g/e8c25b/32.png) [@gonzomax](https://boards.straightdope.com/u/gonzomax)\ **Post date:** [July 11, 2009, 4:04pm UTC](https://boards.straightdope.com/t/negotiating-mortgage-rates/502682/4 "2009-07-11T16:04:09Z")
I read this week that less than 3 percent of the mortgages eligible to be renegotiated down have been. The banks don’t want to cut back on potential profits. They apparently feel no responsibility for the economic mess . The redoing of mortgages is an essential part of the recovery. ---
**Author:** ![Shodan](https://avatars.discourse-cdn.com/v4/letter/s/9f8e36/32.png) [@Shodan](https://boards.straightdope.com/u/Shodan)\ **Post date:** [July 11, 2009, 4:17pm UTC](https://boards.straightdope.com/t/negotiating-mortgage-rates/502682/5 "2009-07-11T16:17:10Z")
> [@gonzomax](#): > > I read this week that less than 3 percent of the mortgages eligible to be renegotiated down have been. The banks don’t want to cut back on potential profits. They apparently feel no responsibility for the economic mess . The redoing of mortgages is an essential part of the recovery. Since this is GQ, please cite all of the above. Regards, Shodan ---
**Author:** ![crypto](https://avatars.discourse-cdn.com/v4/letter/c/b3f665/32.png) [@crypto](https://boards.straightdope.com/u/crypto)\ **Post date:** [July 11, 2009, 4:47pm UTC](https://boards.straightdope.com/t/negotiating-mortgage-rates/502682/6 "2009-07-11T16:47:04Z")
> [@Tim\_R.Mortiss](#): > > If you are talking about reducing an interest rate on an existing mortgage, that would probably be tough. I’ve never heard of it happening, but who knows? > > If you are talking about negotiating the rate on a new mortgage, that might be possible. But the standard way of “negotiating” is with the market itself rather than the individual banks: i.e., shop around. [Bankrate.com](http://Bankrate.com) is a good place to start. Rates offered vary more than one would expect. > > Good luck!..TRM FTR, this would be for a new mortgage, not an existing one. And thanks for the website!