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Posted on October 30, 2022 by daniel

Many banks are looking to take advantage of the lowest interest rates ever recorded. Today’s 3.94% interest rate drops below 4% in 30 years.

Banks also offer incentives to buyers to get them off the fence.

These incentives are available in the following categories:

Waiving fees

– Lowering rates

– Waiving certain closing costs

Discounting fees as high as.75 percent

Offers a “we’ll beat any price” deal

If rates fall in the near future, some refinancers will waive the majority of their costs.

These incentives could have a hidden catch.

You must have at least $10,000 with the bank’s investing arm to be eligible for these rates. Others charge a wide interest rate.

Finding the lowest interest rate possible is the best way to save money on a mortgage. It will save you money over the life of your loan, more than paying a higher interest rate or other fees.

You can negotiate for a lower rate by keeping your eyes open for opportunities.

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