Bank Fees - Negotiating

tinydancer842

So I've been shopping around myself for the best deals in terms of mortgage rates/bank fees. I found two well known banks with competative rates...

 Bank 1 - They do business with my office & I've enjoyed working with them thus far. They caught issues with my contract before it was out of attorney review & could potentially become a problem. They've pre-approved me and matched my competitor's interest rate & gave us a 75 day lock. They are also filling out the mortgage application for me.

 Bank 2 - I have a checking account with them & they have been personable so far. When I told them I was going with Bank 1 they agreed to lower their fees by $370 - making them $500 cheaper in fees than Bank 1. I've not yet been pre-approved by them, but don't forsee any issues. 

I've mentioned to Bank 1 that other banks offered me discounts in bank fees prior to this new discount from Bank 2, but they didn't offer anything other than the competitive interest rate/75 day lock. Is there a tactful way to ask for a better discount in bank fees? I really like Bank 1, but $500 discount will obv. be helpful too. 

  

CatLawdy&

I want particularly tactful, I used the lenders against each other and they knew I was doing it.  Just tell them you got a better deal with the other bank and want them to do better. 

kimberlygo

When we were shopping from our mortgage we had someone that we really liked, but wasn't as competitive with fees. We were honest with him. We told him we really preferred to work with him, but at the end of the day the other bank was offering lower fees and we asked if he could match it. He did. They realize its business, so I don't think there is a reason to beat around the bush.  By the same token, at the end of the day, when buying a house $500 isn't a ton of money, so if you would really prefer to work with the bank that is $500 more, I wouldn't feel that bad about it.  But I would definitely ask them to match.