"Approaching lenders near the end of the month or quarter can sometimes give you an edge, since they're often eager to meet quotas or targets."
That's a really insightful point—I hadn't considered timing as a factor before. I've mostly focused on building up my credit score and presenting a solid financial profile, but your strategy about timing makes a lot of sense. It reminds me of when I refinanced my car loan last year. I got a competing offer from another lender, and when I brought it back to my original lender, they matched it without hesitation. But another time, with a different lender, they wouldn't budge at all, even though my credit was stronger by then. Like you said, it's never guaranteed.
Still, being proactive definitely pays off in the long run. Even if you don't always get exactly what you're aiming for, you're still better off than just accepting the first offer that comes your way. Thanks for sharing your experiences—it's reassuring to know others have had similar ups and downs navigating this stuff.
Timing definitely can make a difference. When I refinanced my mortgage a couple years back, I approached lenders at the end of March, figuring they'd be eager to close deals for their quarterly numbers. One lender was noticeably more flexible than they'd been just a month earlier. Like you said though,
Still, worth trying if you're already shopping around anyway..."it's never guaranteed."
Interesting point about quarterly timing, but do you think lenders are really that driven by short-term quotas? I refinanced last year in the middle of July and still got a pretty decent rate...maybe it's more about market trends than calendar dates?
"maybe it's more about market trends than calendar dates?"
Yeah, I think you're onto something with that. When I refinanced a couple years back, I was convinced I'd cracked the code by timing it for late December, thinking lenders would be desperate to hit their year-end targets. Turns out, the loan officer just laughed and said, "Sorry, Santa doesn't deliver mortgage miracles." 😂 Ended up waiting a few months, and surprisingly, got a better rate in March than I would have in December.
Seems like the market trends and overall economic factors are the real bosses here, not the calendar. But hey, if someone does find a secret seasonal hack for interest rates, I'm all ears...my wallet would definitely appreciate it.
