Lucy is working with a lender to obtain a home loan. The lender gives Lucy a quote of 4.5% with a monthly payment of $1,256. Lucy would like to decrease the monthly payment. How can Lucy go about reducing her monthly home loan payment?
Lucy can purchase discount points upfront to reduce the interest rate on the loan.
Lucy can pay a loan origination fee after the loan closes.
Lucy can purchase discount points upfront to increase the interest rate on the loan.
Lucy can negotiate for a higher interest rate.