Totally agree—flipping can be tricky. Seen plenty of people underestimate the hidden costs like closing fees, inspections, and taxes. Plus, if you don't sell quickly, interest payments can eat into profits fast. On the other hand, refinancing to lower rates seems more stable long-term... Curious if anyone here's had luck negotiating directly with lenders to drop their rates? Heard some mixed stories about that route.
"Curious if anyone here's had luck negotiating directly with lenders to drop their rates? Heard some mixed stories about that route."
I've found direct negotiation with lenders to be pretty tough, honestly. They're usually pretty firm unless your credit profile or financial situation has significantly improved since you first took out the loan. Instead, I've had better luck doing what's called a 'rate-and-term refinance'—basically refinancing without pulling cash out, just adjusting the interest rate and loan term. It can be less hassle and often yields better results in the long run... especially if your credit score has gone up recently.
I've had mixed results myself. Once, I called my lender after my credit jumped about 50 points, thinking they'd budge... nope, no dice. But refinancing like you mentioned—
—worked surprisingly well. Guess lenders prefer paperwork over phone calls, huh?"rate-and-term refinance"
I've actually had the opposite experience. A quick call after my credit improved got my lender to drop my rate slightly without any refinancing hassle. Maybe it's less about "
" and more about timing or even who picks up the phone...paperwork over phone calls
That's actually a pretty solid point—timing and the person on the other end can make a huge difference. I've seen clients get lucky with a quick call, especially if their credit recently improved or rates just dipped slightly. But I've also had cases where lenders wouldn't budge without the full paperwork dance. Seems like there's no magic formula, just a bit of luck and good timing...and maybe catching someone on their coffee break.
