"Funny thing is, the one I ended up going with wasn't even my first choice at first—just happened to be the most willing to negotiate on fees and closing costs."
That's actually a really good point. I've seen clients overlook lenders initially because their advertised rates weren't the absolute lowest, only to find out later those same lenders were much more flexible when it came down to negotiating fees and closing costs. It's easy to get fixated on interest rates alone, but factoring in all the associated costs can make a huge difference over the life of the loan.
About the credit score dip—yeah, that's pretty common. Most people I've worked with see a minor drop initially, but it rarely has lasting effects unless you're immediately planning another big purchase. Your experience aligns closely with what I've observed professionally.
Bottom line, refinancing is definitely worth exploring if the numbers make sense. Even if you ultimately decide against it, at least you'll have clarity rather than wondering if you missed an opportunity.
I had a similar experience when I refinanced a couple years back. Initially, I was laser-focused on getting the absolute lowest interest rate possible. But after talking to a few lenders, I realized some were way more open to negotiating closing costs and fees—stuff that really adds up. Funny enough, the lender I almost dismissed at first ended up saving me more money overall, despite their slightly higher advertised rate. Go figure...
Had a similar situation myself—got caught up chasing the lowest rate, but realized later the fees were sneaky-high. Did you find lenders pretty open to negotiating once you brought it up, or was it more of a hassle? Curious how flexible they were...
"Did you find lenders pretty open to negotiating once you brought it up, or was it more of a hassle?"
Honestly, it depends on the lender and how much coffee they've had that day, lol. I've seen some lenders bend over backwards to keep your business once you point out those sneaky fees, while others act like you're asking for their firstborn child. Had a client recently who spotted some questionable "processing fees"—when we brought it up, the lender magically found a way to waive half of them. Funny how that works, right?
But seriously, it's always worth asking. Worst they can say is no...or give you the runaround until you lose patience (been there). Did you end up sticking with your original lender or shopping around more after noticing the fees?
I've found lenders to be pretty mixed, honestly. When I refinanced last year, I went in prepared after hearing horror stories from friends about hidden fees and surprise charges. Here's how I tackled it step-by-step, maybe it'll help someone else:
First, I gathered a few quotes from different lenders—this gave me leverage when negotiating. It's way easier to push back on fees when you can say "Well, lender B isn't charging me that..." Then I took a close look at each quote and circled anything that seemed vague or unnecessary (like those mysterious "processing" or "administrative" fees).
Next, I politely but firmly asked my original lender if they could match or beat the other offers I'd gotten. At first, they gave me some pushback, saying those fees were standard practice. But once I mentioned I was seriously considering another lender who didn't have those charges, their tone changed pretty quickly. They ended up waiving most of the questionable fees and even lowered my rate slightly.
One thing I'd suggest is being patient but persistent. Sometimes they'll initially say no just to see if you'll give up easily. If you stay calm and show you've done your homework, they're more likely to meet you halfway.
In my case, refinancing definitely turned out worth it—I saved enough monthly to make the hassle worthwhile. But everyone's situation is different...if your current rate is already decent or you're planning on moving soon anyway, it might not be worth the headache.
Did you end up getting anywhere with your current lender yet? Curious how they're responding so far.
