You may have heard that everything is negotiable when it comes to real estate. It's true and I am going to give you a tip that may save you a substantial amount of money.
Before you sell your property, or otherwise find yourself in a position to pay off your balance, ask your lender if they are willing to give you a discount on your mortgage if you pay it off in full. In many instances it is to a lenders advantage to do this, especially if your current loan has a below market rate. They can then lend your money back out at a higher rate. With rates averaging just over 7% today, that's most of you. It costs you nothing to ask.
If they do agree to give a discount they will likely give you a time limit. It could be 30 days. Maybe longer, maybe not. When you make the request you should be prepared to pay it off quickly. If you are selling your home, don't tell your lender when you make the request. If you do, they will know they don't need to discount. The time to ask is right after you get you home under contract and before the title company asks for a payoff amount.
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Serving The Greater Fort Lauderdale area since 2006
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