Successful bank negotiation!

Image by I-5 Design & Manufacture via Flickr

In my previous post ‘Negotiating with the banks’, I mentioned that I will try to negotiate my HELOC rate and I am glad to report that I was successful at having my bank match the competitor’s rate. My secured line of credit rate is now prime + 0.5%. My bank representative kept me posted on the process and it appears that executive approval outside the branch was required which lead to take most of the week to hear back.

Maybe there is something to a relationship with a bank or it’s probably just the nature of business in avoiding to lose a customer … Don’t despair. Manage your lending rates and negotiate them.

Happy Negotiating!