Negotiating a better refinance cashback offer can be a great way to save money on your home loan. Here are some tips to help you negotiate:
- Shop around: It’s always a good idea to shop around and compare cashback offers from different lenders. This will give you an idea of what’s available and help you negotiate a better deal.
- Know your credit score: Your credit score can have a big impact on the interest rate and cashback offer you receive. Make sure you know your credit score before you start negotiating so you can have a better idea of what to expect.
- Be prepared to walk away: If a lender isn’t willing to negotiate, be prepared to walk away. There are plenty of other lenders out there who may be willing to offer a better deal.
- Highlight your strengths: If you have a good credit score, a stable job, and a history of making on-time payments, make sure you highlight these strengths when negotiating. Lenders are more likely to offer better terms to borrowers who are low-risk.
- Use a mortgage broker: A mortgage broker can help you negotiate a better deal by leveraging their relationships with lenders. They may be able to get you a better cashback offer or lower interest rate than you could get on your own.
- Be flexible: Sometimes lenders are willing to negotiate on other terms of the loan, such as the interest rate or repayment period, instead of the cashback offer. Be flexible and open to different options to get the best deal possible.
Remember, the key to negotiating a better refinance cashback offer is to be informed, prepared, and flexible. By doing your research and being willing to walk away, you can increase your chances of getting a great deal on your home loan.