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PSA: My lender in Phoenix showed me why a 0.25% rate difference costs more than I guessed
My loan officer pulled up two side by side quotes for a $310,000 house here in Phoenix and walked me through the math over about 15 minutes. A 6.5% rate versus a 6.25% rate doesn't sound like much but it added up to around $50 a month, which is $18,000 over the life of a 30 year loan. I always figured the rate was just whatever it was and I should focus on the house price, but seeing those numbers next to each other flipped something in my head. Now I'm wondering if I should pay for a point upfront or just shop around more. Did anyone here negotiate the rate down or was it pretty fixed once you picked a lender?
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