I’ve definitely tried the “I’ve got another offer” move, but yeah, most lenders just kind of shrug unless you can back it up. I actually had one call my bluff once and ask for the competing offer in writing—awkward. Ended up just being honest after that. Curious, has anyone actually managed to get a lender to drop their rate significantly just by mentioning another offer, or is it mostly just a minor nudge?
I actually had one call my bluff once and ask for the competing offer in writing—awkward.
That’s happened to me too, and yeah, it’s a weird spot to be in. I’ve refinanced twice now, and both times I tried the “other offer” angle. In my experience, unless you can literally email them a legit Loan Estimate from another lender, they don’t budge much. The first time, I had a real competing offer and sent it over—my lender dropped their rate by 0.125%, which was something but not earth-shattering.
Second time around, I just mentioned another quote without proof and got maybe a tiny break on closing costs, but nothing major on the rate itself. It seems like they’re only willing to play ball if you’ve got hard evidence. Otherwise, it’s more of a courtesy nudge than a game-changer.
Honestly, shopping around and getting everything in writing is the only way I’ve seen real movement. Just talking about “another offer” doesn’t seem to cut it anymore... lenders have heard it all by now.
Interesting point about lenders only moving when you show them a real competing offer. I’ve noticed the same thing—just mentioning “another quote” doesn’t really get you far these days. Like you said:
It seems like they’re only willing to play ball if you’ve got hard evidence. Otherwise, it’s more of a courtesy nudge than a game-changer.
I’m curious if anyone’s ever had success negotiating rates based on something other than a written Loan Estimate. For example, has anyone tried leveraging their credit score improvements or recent pay raises as bargaining chips? I know lenders are supposed to use set criteria, but I wonder if there’s any wiggle room when you can demonstrate that your financial profile has improved since the initial application.
Also, I’ve heard some people mention that timing can play a role—like catching a lender at the end of the month or quarter when they’re trying to hit targets. Has anyone actually seen better offers by waiting for those periods? Or is that just one of those mortgage myths that gets passed around?
It does feel like the process is getting more rigid, though. Maybe too many people tried to bluff their way into better rates and now lenders are just over it. Still, I’d love to hear if there are any less conventional tactics that have worked recently... aside from just shopping around and collecting paperwork from every lender in town.
