5.3 Negotiating a mortgage

In this section:


Someone negotiates mortgage terms.

Your mortgage is a big deal—it will likely be with you a long time and for most people it's the largest investment they will ever make. It's worth taking the time to make sure you get the best deal possible. But how do you make sure you're getting the best deal? How do you know whom you can trust? This module looks at some of the questions around negotiating and renegotiating your mortgage. You will explore:

  • how you can get the best deal when you negotiate your loan
  • your rights and responsibilities when you have a mortgage
  • what happens when your mortgage term is up and you want to renew
  • alternative ways to use your home equity
  • how to be alert for mortgage frauds.

You'll watch a video about negotiating a mortgage and use an online calculator to estimate the costs of breaking a mortgage. You'll review your rights and responsibilities under a mortgage, and tips to avoid mortgage scams. By the time you finish this section, you'll be able to negotiate with confidence to get the best terms on a mortgage.

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