Once you qualify for a mortgage, you lock the terms outlined by the lender. However, there’s always the opportunity to renegotiate the terms. Even though you have loan terms, you can request a rate review. Also, the rate review process cost is zero, so there’s an incentive to do it. The rate review process is free.
Keep in mind a couple of things. The review is free, but you may incur other costs. If there’s a valuation at cost, you’ll incur a fee. This is a rare case.
If the results of the review are favourable, you can request to alter your loan terms. Lenders are in the business of serving their clients, but the service has a price. Each task completed has administrative costs attached on the back end. When you first obtained your loan, you incurred several fees to cover the costs that those professionals charge.
There’s a fee to change your loan’s terms to the ones outlined by the rate review process, the manual processing fee. The $100 covers the administrative costs of altering the loan. If you’re in a fixed-rate loan, you’ll incur additional fees, such as the break costs.
Rate Review Process Cost Conclusion
The rate review process cost is zero. To have your loan review, make the request. If the rates drop and you’re in good financial standing, contact your loan specialist. Mortgage House agrees to review our client’s rates. To get started, give us a call.
