Negotiation homeloan rates

[fdaniels]

I can't find this answer anywhere on the internet, nor can I find it by search MBB. How long are these homeloan quotations valid for? We were only approved by one bank thus far and are still waiting for a response from the other banks. How much time do we have to negotiate the interest rate, or wait for a reply of a potentially better offer?

 

[SinghDude]

5-7 days should be realistic.

Its just a quote thou, scout around for the best deal.


Ps. Good idea to reduce all short term debt and get a better credit vetting score...

 

[deweyzeph]

I can't find this answer anywhere on the internet, nor can I find it by search MBB. How long are these homeloan quotations valid for? We were only approved by one bank thus far and are still waiting for a response from the other banks. How much time do we have to negotiate the interest rate, or wait for a reply of a potentially better offer?

Is this market you don't negotiate interest rates. You're lucky if you even get a home loan in the first place.

 

[chrisc]

S A Home Loans are said to give good rates. Check the terms and conditions carefully though. If you do not understand a sentence, have a legally trained person to explain them to you.

 

[volstruis]

S A Home Loans are said to give good rates. Check the terms and conditions carefully though. If you do not understand a sentence, have a legally trained person to explain them to you.

Just remember SA Home Loans are not linked to prime directly they use JIBAR for their interest rates. Get the JIBAR history 1st to see how volatile it is. That is if you go to SAHM.

 

[SinghDude]

SAHL dropped their rates by 0.5 % same like the rest.


Wouldn't have happened if there was too much risk and volatility around..

 

[fdaniels]

Thanks. So the concesus is that I have 5-7 days from when I got the first approval / quote?

 

[blunomore]

I thought the "quotes" given by the banks are valid for 30 days ?

 

[fdaniels]

Yeah, that is what I thought too. I didn't want to ask the loan consultant because they have a vested interest and would probably give me misinformation.

 

[Cius]

If the quote does not state validity it is probably about a month. No reason that the bank who gave you the approval would not tell you for how long it was. Also apply everywhere. Increases the odds of you getting finance and having a few rates to choose from.